On, a DTC brand, announced fourth-quarter net sales climbed 91.9% year on year to 366.8 million Swiss francs (about $397 million). Direct-to-consumer sales grew by 76.4%, while wholesale sales grew by 104.3%. The gross margin stayed constant at 58.5%, but the net loss shrank by 85%. Net sales for the brand in North America increased by 81.5% compared to the same time last year. Total net sales for On climbed 68.7% to 1.2 billion Swiss francs in fiscal 2022, but gross margin fell to 56% from 59.4%. On recorded a net profit of 57.7 million Swiss francs for the fiscal year, compared to a net loss of 170.2 million Swiss francs in 2021. On’s co-founder and executive co-chairman David Allemann expressed excitement about the brand’s continued success in the running area as well as its expansion into tennis. To attract more online DTC customers, On is investing in its DTC presence, which includes the launch of a new website and domain URL.