Logitech warns weak demand and Euro woes will hit numbers

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Logitech warns weak demand and Euro woes will hit numbers

Simon Quicke

Eurozone problems and weak demand are hitting Logitech in the pocket with the peripherals specialist warning that its full year numbers will have to be revised downwards again.

The manufacturer has already delivered a couple of profit warnings and the latest has seen it shave off money it expects to make in both sales and operating income.

Full-year sales should now hit $2.3bn, down from the expected $2.4bn, and operating income is also going to be lower at $60m compared to $90m.

In a statement the company explained that since it had last updated the market several factors had changed and market conditions had worsened.

"Since we last provided our outlook for Fiscal Year 2012 at the end of October, several factors have changed. Most significantly, the Euro has weakened considerably during the last three months. In addition, webcams and remotes continue to be impacted more than expected by product portfolio and market weakness," said Guerrino De Luca, Logitech chairman and acting CEO.

For its Q3 Logitech reported a 5% drop in sales to $715m compared to the same quarter last year and operating income dropped by 8% to $70m.
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