Executive Summary

• Dufry reported 1H19 net sales of CHF 4.1 billion, up 2.1% year over year and in line with the consensus estimate recorded by StreetAccount.
• The company reported a diluted loss per share of CHF 2.34, compared to a loss per share of CHF 0.18 in the prior year’s quarter and missing the consensus EPS of CHF 1.46, due to higher interest expenses.
• Dufry maintained its earlier guidance for mid-term organic growth of 3-4%, and equity free cash flow generation in the range of CHF 350-400 million for 2019.