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Logitech Posts Record Q1 Financials

Fremont, Calif. — Logitech International reported an 18 percent sales gain and 24 percent operating profits increase for its first quarter, ended June 30.

Q1 sales were $509 million, up 18 percent from $430 million in the same quarter last year. Operating income was $30 million, up 24 percent from $24 million for the same quarter a year ago. Net income was $29 million, compared with $26 million in the first quarter of the 2008 fiscal year. Gross margin was 34.1 percent, compared with 33.7 percent in Q1 of the 2008 fiscal year.

Logitech’s retail sales for Q1 grew by 19 percent year-over-year, increasing by 10 percent in the Americas and 41 percent in Asia. Retail sales growth was fueled by strong performance of Harmony remotes (up 74 percent) and pointing devices (up 34 percent). Performance of the retail video business continued to rebound with sales up 21 percent. OEM sales grew by 15 percent, driven primarily by strong demand for microphones for console gaming.

“We’re very pleased that Logitech’s fiscal 2009 is off to a solid start in sales and profitability,” said Gerald P. Quindlen, president/CEO. “With strong demand for our products, we delivered double-digit revenue growth across all regions and accelerated momentum in the video category. As we proceed into Q2, we look forward to continued market momentum driven by new products that will be introduced over the next few months.”