Logitech sales soar in first quarter

by Stuart Wilson, Thursday 29 July 2010

Gerald P. Quindlen, Logitech president and CEO

Peripherals and accessories vendor Logitech has announced first quarter fiscal 2011 sales up 47% year-on-year at US$479m. After-tax profits for the quarter ending June 2010 hit US$20m compared to a loss of US$37m a year earlier. Logitech’s gross margin climbed to 35.4% - up from 23.9% in the first quarter of fiscal 2010.

“Logitech’s fiscal year 2011 is off to a strong start,” said Gerald P. Quindlen, Logitech president and CEO. “We exceeded our sales and profitability targets and achieved our best-ever first quarter gross margin. And we had robust growth in most of our retail product categories, led by Harmony remotes and pointing devices.”

“Based on our strong first quarter performance and improving consumer demand for our products, we are increasingly optimistic about our full-year performance for fiscal year 2011 and have raised our outlook accordingly. Furthermore, we are enthusiastic about the pending launch of Logitech products for Google TV and the potential for further upside to our fiscal year 2011 sales outlook,” Quindlen added.

Logitech’s retail sales were up 39% year-on-year. Revenues in the EMEA region climbed 21%. Logitech now predicts that its global sales for fiscal year 2011 – ending March 2011 – could hit US$2.35 billion.