That's a miss from analyst’s expectations of growth in the mid-20s on a constant currency basis, per several notes shared with Retail Dive. On’s net sales grew the most in the Asia-Pacific region at 43.1%, whereas sales in the Americas increased 4.5% for the period. That compares to its previous net sales outlook of at least 23% and gross profit margin of at least 64.5%. The street’s missed expectations for On’s sales this quarter may speak to a larger disconnect between analysts and the company’s position. On’s DTC channel represents “the most premium expression” of the brand, co-founder and co-CEO David Allemann said on a call with analysts Tuesday.