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Dufry: share slides after dispointing interim results

( - On Monday the Dufry share is down over 5% on the Zurich Stock Exchange after the Swiss group published disappointing H1 results, notably including a 60% slump in sales.

The travel retail specialist announced this morning that it had posted sales of 1.6 billion Swiss francs for the first half of the year, down 62% from 4.2 billion Swiss francs in H1 2019.

The group, which is highly exposed to the airline industry, reported an adjusted EBIT loss of 464 million Swiss francs for the first half of the year, compared to an operating profit of 277 million Swiss francs a year ago.

The outlook remains particularly unfavourable, althoçugh we expect a recovery (which should be slow) from the third quarter onwards, Oddo BHF analysts said.

In a statement, Dufry says it has observed the inklings of a recovery in business since mid-June and states that over 1,000 of its outlets have now reopened.

However, in late morning trading the share is down over 6.5%, while the Swiss stock market is up 0.7% at the same time. It has now lost around three quarters of its value over the past six months.

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