Overview
- The Swiss sports brand, which reported results Tuesday, logged Q1 net sales of CHF 831.9 million and net income of CHF 103.3 million, topping Wall Street forecasts.
- Profitability improved sharply with gross margin at 64.2% versus 59.9% a year ago and adjusted EBITDA margin at 21.0% versus 16.5%.
- Full‑year guidance now targets at least 64.5% gross margin and 19.5%–20% adjusted EBITDA margin, with management still modeling a 20% U.S. tariff on Vietnam imports and applying for a refund after a Supreme Court ruling.
- Asia‑Pacific led growth with sales up 44.4% on strength in China and South Korea, apparel rose about 45% with far higher take‑up in China, and DTC revenue grew 16.4% but trailed estimates as wholesale beat.
- Co‑founders David Allemann and Caspar Coppetti are now co‑CEOs with Frank Sluis as CFO, and shares reversed early gains to trade lower intraday despite the beat, leaving the stock down about 27% for the year.