On Holding will not offer discounts on Black Friday.

Swiss shoe manufacturer On Holding (NYSE: ONON) will not offer discounts this Black Friday in a bid to strengthen its premium brand positioning. The company's Chief Executive Officer Caspar Coppetti stated during last week's third-quarter earnings call, 'We are entering this holiday season with a full-price strategy. There are no discounts, and this is happening in a quite competitive pricing environment. We are staying true to the discipline required by our premium strategy.'

On Holding's competitors are taking a different approach. Sportswear brands Adidas and Nike (NYSE: NKE) began introducing Black Friday discounts weeks ahead of the official start of the holiday shopping season. HOKA, a brand under Deckers (NYSE: DECK), is offering discounted prices on holiday running gifts on its website.

On Holding reported third-quarter net sales of 794.4 million Swiss francs (994.3 million dollars). The net income for this quarter was 118.9 million francs, compared to 30.5 million francs for the same period last year. The company also raised its full-year sales forecast from 2.91 billion francs to 2.98 billion francs.

Other companies are viewing the future less optimistically. Nike expects its second fiscal quarter revenue to decline in low single digits, with gross profit margins expected to drop by 300 to 375 basis points. The company's first quarter net income fell by 31% year-over-year to 700 million dollars.

Deckers CEO Stefano Caroti noted that HOKA sales are expected to grow in 'low teen percentages' compared to last year, which is a decrease from the middle teen growth that the brand aimed for in the previous quarter. HOKA and UGG positively impacted Deckers’ second-quarter results, achieving sales increases of 11.1% and 10.1%, respectively, year-over-year. However, other Deckers brands experienced a decline of 26.5%.

Tariff increases have affected Nike and Deckers' sales forecasts. Deckers CFO Steven Fasching emphasized that consumer behavior in the holiday shopping space is starting to be affected. Nike reported that the annual cost of the current tariffs could reach 1.5 billion dollars, higher than the 1 billion dollars previously expected for the last quarter.

On Holding stated that it achieved 'a slightly positive margin effect' in the third quarter by raising prices in the U.S. before the tariffs took effect. The company's CEO Martin Hoffmann said, 'We have full control over our future. We can absorb the tariffs and remain well above our long-term goals.'