Logitech Fiscal Q3 Sales Up 22%

TWICE Staff -- TWICE, 1/27/2011

Fremont, Calif. - Logitech International said it had its highest-ever quarterly sales for the third quarter of fiscal year 2011.

Sales for the third quarter of the fiscal year were $754 million, up 22 percent from $617 million in the same quarter last year. Excluding the unfavorable impact of exchange rate changes, sales increased by 26 percent, the company said.  

Operating income was $76 million, an increase of 30 percent when compared with $58 million in the year-ago period.  Net income for the quarter was $65 million, compared with $57 million, and gross margin was 36 percent, up from 33.9 percent the previous year.

Logitech's retail sales for the third quarter grew by 17 percent year over year, with an increase in Asia of 51 percent, an increase in the Americas of 31 percent, and a decrease in EMEA of 1 percent. OEM sales increased by 18 percent, the company said, while the LifeSize division contributed 5 percentage points to the company's quarterly sales growth compared with the prior year.

"We are very pleased with our Q3 performance, which included our highest-ever quarterly sales and strong year-over-year growth in both sales and operating income," said Gerald P. Quindlen, Logitech president and CEO, in a statement. "All of our retail product categories contributed to our sales growth, with double-digit increases in remote controls, pointing devices, video and gaming. OEM sales made a very solid contribution, and the momentum continued for our LifeSize division, which delivered the highest-ever quarterly sales in its history."

Regarding the much-talked-about Logitech Revue, Quindlen said, "A highlight of the quarter was the launch of Logitech Revue with Google TV and related peripherals. We are confident about the long-term potential of the Google TV platform and look forward to continued enhancements around the platform as we work with Google to push periodic over-the-air software updates."