On Holding AG /zigman2/quotes/229331620/composite ONON -0.17% shares soared 22.5% in Tuesday premarket trading after the Swiss athletic gear company reported first-quarter profit and sales that beat expectations and raised its guidance. On Holding posted net income of CHf14.3 million (US$14.5 million), or CHf0.04 per share, after a loss of CHf10.5 million, or CHf0.04 per share. Adjusted EPS of CHf0.05 beat the FactSet consensus for a loss of CHf 0.08. Record sales of CHf235.7 million ($237.5 million) were up from CHf140.4 million last year and blew past the FactSet consensus for CHf168.6 million. On shipped more than one million pairs of shoes in March, a first for the company. The company began using air freight due to COVID-related closures in Vietnam in 2021, and will continue to do so in the second quarter due to demand, creating a gross margin headwind of 700 basis points to 800 basis points. For the year, the company now expects sales to exceed CHf 1.04 billion (about $1.048 billion). The FactSet consensus is for CHf992.7 million. On Holding stock has slumped 46% for the year to date while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.06% is down nearly 16% for the period.