Swatch falls after sales and EBIT drop in H1
** Shares in Swatch UHR.S fall 6.7% in pre-market trade as the world's biggest watchmaker reported a steep fall in H1 sales and EBIT due to weaker demand in China
** Net sales at current exchange rates fell 14.3% to3.445 billion Swiss francs vs 3.75 billion francs seen in Visible Alpha consensus
** Operating profit fell to 204 million francs from 686 million
** "This H1 appears worse than even a heavily short market was expecting," Jefferies says in a note adding EBIT came in 58% below consensus
** Vontobel analyst Jean-Philippe Bertschy notes as well decrease of net cash at 1.4 billion francs vs 2.5 billion at end of FY 2022 and negative operating leverage
** "Although we have always warned against the company's dangerous strategy of continuing to produce at high levels in the hope that sales growth will recover, we did not expect the operating leverage to be at such a high level," Bertschy says
** The stock is seen on the bottom of the Swiss mid-cap index .SMIM
Reporting by Amir Orusov, Anastasiia Kozlova
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