Shares in On Holding jumped in premarket trading after the Swiss sportswear company reported first-quarter sales and earnings that topped analyst expectations, while its margin outlook for the full year also came in ahead of forecasts.

Net sales rose 14.5% from a year earlier to 831.9 million Swiss francs, surpassing the 821.5 million franc consensus estimate and marking the first time On has crossed the 800 million franc threshold in a single quarter. On a constant currency basis, revenue grew 26.4%.

Earnings per share came in at 0.31 francs, also ahead of the 0.27 franc analyst estimate.

Shares surged more than 6% in early premarket trade before giving back all of those gains.

“Q1 was an outstanding start to the year and another strong proof point of our premium strategy in action. On is becoming more global, more multi-dimensional and more deep.ly rooted in different communities around the world,” said On Holding founder and co-CEO Caspar Coppetti.

Growth was broad-based across both channels and regions. Direct-to-consumer sales grew 28.7% on a constant currency basis, while wholesale expanded 25.1%.

Third Bridge analyst Patrick Ricciardi said that maintaining wholesale momentum in North America could prove challenging for On as its peer Nike “pushes aggressively back into the channel.” 

“Nike is investing heavily to win back shelf space it lost during its earlier shift toward direct-to-consumer sales,” he said. 

Asia-Pacific was the fastest-growing region for On in Q1, with net sales climbing 44.4% to 174.0 million francs, or 61.4% in constant currency terms. EMEA rose 22.8% to 207.1 million francs, while the Americas grew 3.1% to 450.7 million francs, or 17.1% on a constant currency basis.

On said its adjusted EBITDA jumped 45.4% to 174.3 million francs, with the adjusted EBITDA margin expanding to 21.0% from 16.5% a year earlier.

For the full year, On guided for revenue of 3.51 billion francs, implying growth of at least 23% on a constant currency basis, slightly below the 3.54 billion franc consensus. The adjusted EBITDA margin is expected in a range of 19.5% to 20.0%, above the IBES estimate of 18.81%.