On August 11, On Holding AG declined 18.79% in regular trading, trading at $30.86/share, with turnover of $153 million. The sharp selloff was triggered by the company's Q2 earnings report released pre-market, which revealed net sales of 850.3 million Swiss francs, missing the analyst consensus estimate of approximately 878 million Swiss francs.

The revenue shortfall was primarily driven by deliberate restraint in the wholesale channel. Management is actively managing wholesale sales pacing to preserve its full-price selling strategy amid an industry-wide promotional environment. While adjusted EPS of 0.35 Swiss francs slightly beat the 0.34 franc estimate, and the company raised its full-year gross margin guidance to at least 65%, the revenue miss intensified concerns over growth momentum. Jefferies analysts noted that global wholesale deceleration, rising SG&A expenses, and declining core customer retention rates may sustain near-term pressure, forecasting a meaningful slowdown in U.S. operations ahead.

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