Computer parts maker Logitech sees smaller decline in full-year sales
LOGITECH International forecast a smaller decline in its annual sales and reported a slightly lower third-quarter revenue on Tuesday (Jan 23), in the computer peripheral maker’s first set of results under newly appointed CEO Hanneke Faber.
Sales fell to US$1.26 billion in the quarter to Dec 31, from US$1.27 billion a year earlier, as the maker of computer mice, keyboards and webcams continued to navigate a downturn in consumer and business spending as well as high comparables.
The company now expects an annual sales decline of 6 to 7 per cent to US$4.2 billion to $4.25 billion. It previously forecast a full-year sales decline of 9 to 12 per cent.
It forecast the non-GAAP operating income to grow by 4 to 12 per cent, and come in at US$610 million to $660 million. The company had previously expected annual non-GAAP operating income in the range of US$525 to US$575 million.
Logitech has been dealing with customers wrestling with high inflation, and uncertainty among businesses unsure about future economic development and how to equip their offices as they move to hybrid working models. The company, based in Lausanne, Switzerland and Newark, California, said its non-GAAP operating income rose to US$248 million during the period, traditionally the most important quarter of its year.
“Our teams executed well, continuing our long record of exceptional product innovation... But we will not be satisfied until we return to top line growth,” Faber said.
Faber, the former head of Unilever’s nutrition business, joined Logitech on Dec 1, replacing long-standing CEO Bracken Darrell, who left to join sneaker and clothing company VF last year. REUTERS
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