Swatch Group Ltd. said its normalized net income for the first half was CHF7.76 per share, compared with the S&P Capital IQ consensus estimate of CHF10.70 per share.

EPS fell 16.9% year over year from CHF9.33.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was CHF421.1 million, a decrease of 17.0% from CHF507.1 million in the year-earlier period.

Total revenue grew on an annual basis to CHF4.19 billion from CHF4.10 billion, and total operating expenses climbed on an annual basis to CHF3.43 billion from CHF3.27 billion.

Reported net income fell 20.2% from the prior-year period to CHF526.0 million, or CHF9.69 per share, from CHF659.0 million, or CHF12.13 per share.