Shares of Roger Federer-backed sportswear company On Holding plunged Tuesday after the premium sneaker brand reported weaker-than-expected second-quarter sales, raising concerns that slowing growth in the Americas could complicate its rapid global expansion.
On's U.S.-listed shares fell as much as 22%. The selloff came after the Swiss company reported quarterly net sales of 850.3 million Swiss francs, or about $1.05 billion, below analysts' expectations of 878.16 million francs.
