Global downturn hits Logitech hard
The Logitech mouse and PC peripherals firm, which has its roots in Switzerland, said on Thursday net profit for its fiscal year slumped by more than a half.
Logitech, which is a Swiss company with headquarters in California, said income fell to $107 million (SFr124.7 million) from $231 million the previous year.
The company said in a statement that sales for its fourth quarter from January to the end of March fell to $408 million, a decline of 32 per cent compared with the same period the previous year.
“The primary cause of the year-over-year decline in our Q4 sales was the economic downturn,” commented Logitech chief executive Gerald Quindlen.
“A contributing factor to our sales decline was the effect of the stronger US dollar.”
However, he mentioned “significant, ongoing trends” that would spur growth after the impact of the current economic crisis.
“Our advantages of scale, strong distribution, brand leadership and an unparalleled innovation engine continue to position us for long-term growth.”
The company was founded in 1981 and has its headquarters for Europe, the Middle East and Africa in Romanel-sur-Morges in Switzerland. Its fiscal year runs from April to March.
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