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2024 01 23T090945Z 2 LYNXMPEK0M01G RTROPTP 4 LOGITECH INTL RESULTS - Business Express

Computer parts maker Logitech targets ‘gradual’ return to sales growth


Computer parts maker Logitech targets ‘gradual’ return to sales growth

By John Revill

(Reuters) -Logitech International’s new CEO is targeting a return to revenue growth after the computer peripherals maker on Tuesday raised its full year sales and profit guidance.

Hanneke Faber, a former Unilever executive, who took charge at the computer mice, keyboard and webcam maker in December, said she was now aiming for a gradual improvement.

“We’re not all of a sudden going to have this v-shaped recovery, it will be gradual,” she told Reuters in an interview. “That’s because there are so many uncertainties out there.”

Logitech on Tuesday said it expected its annual sales to decline by a range of 6-7% for its financial year which runs to the end of March, an improvement from its previous forecast for a 9-12% decline.

The Swiss-American company has been reporting declining sales in recent quarters after enjoying a boom during the COVID-19 pandemic as people stocked up on its equipment to work and play from home.

Since then, it has been dealing with customers wrestling with inflation, and uncertainty among businesses about how to equip their offices as they move to hybrid working.

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The decline became less pronounced during the three months to Dec. 31, as Logitech’s sales fell 1% to $1.26 billion, better than the 3% drop in the second quarter and 9% drop in the April to June period.

The company’s non-GAAP operating income rose 26% to $248 million during the same period, traditionally its most important quarter of its year.

As well as increasing its sales guidance, Logitech also lifted its profit outlook.

Logitech shares were down 10% in afternoon trading following the update as investors took profits after the stock on Monday hit its highest level since October 2021.

“Many people were expecting an increase in the 2024 guidance, so that had already led to an increase in the share price in recent days,” said Zuercher Kantonalbank analyst Andreas Mueller.

“Plus, the company was a bit more cautious than expected about 2025, which may have weighed on sentiment.”

(Reporting by John Revill, additional reporting by Ozan Ergenay and Disha Mishra in Bengaluru; Editing by Savio D’Souza, Rashmi Aich, Barbara Lewis and Tomasz Janowski)

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