CNBC’s Jim Cramer said Tuesday that he remains a fan of On Holding (ONON), despite Wall Street’s sour response to the Swiss sportswear firm’s second-quarter earnings.
Shares of On Holding plunged 17% Tuesday, to under $29 each. Last week, On Holding stock closed at a 2023 high of $36.51 a share.
Cramer shrugged off foreign-exchange headwinds facing On Holding, instead focusing on underlying growth trends in the business. “If you look through the Swiss franc, you realize they’re just smoking hot,” Cramer said on “Squawk on the Street.”
“It is the fastest growing sneaker company, not Nike (NKE),” he added.
On Holding — which makes running shoes and other athletic apparel — said Tuesday that revenue in the second quarter grew 52.3% year-over-year, to 444.3 million Swiss francs, including the foreign-exchange impact. On a constant-currency basis, On Holding sales grew 60% compared with the same period a year prior.
Elsewhere, Club sportswear name Foot Locker (FL) is set to report second-quarter results on Aug 23.
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