Swatch Group Ltd. said its normalized net income for the first half came to CHF3.81 per share, compared with the S&P Capital IQ consensus estimate of CHF8.61 per share.

EPS fell 50.9% year over year from CHF7.76.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was CHF205.5 million, a decrease of 51.2% from CHF421.1 million in the year-earlier period.

Total revenue decreased 11.4% year over year to CHF3.72 billion from CHF4.19 billion, and total operating expenses fell from the prior-year period to CHF3.36 billion from CHF3.43 billion.

Reported net income fell 52.3% on an annual basis to CHF251.0 million, or CHF4.65 per share, from CHF526.0 million, or CHF9.69 per share.