Logitech ignores PC slowdown
Cordless sales are cookin'
Mice mogul Logitech doesn't seem to be suffering from the PC market slowdown.
For Q4, ending 31 March, net profits rose 51 per cent to $14.2 million, up from $9.4 million for the same quarter last year. For the year profits were up 61 per cent at $48.4 million.
And Logitech said it expects sales for fiscal 2002 to grow approximately 25 per cent, with operating income increasing by 40 to 45 percent.
Revenues for Q4 were $197.4 million, 12 per cent up on last year's Q4 sales of $175.9 million. For the full fiscal year, the company's sales reached $761.4 million.
Retail business grew 30 per cent in the year, and accounted for 83 per cent of the company's Q4 revenue. Showing it's moving away from relying on OEM business, more than 30 million Logitech branded products were sold in fiscal 2001.
The company sold 6.9 million cordless products in the year, a growth of more than 80 per cent. It also sold more than one million cameras in each quarter, and for the first time during Q4, more than one million cameras in the retail sector.
Guerrino De Luca, Logitech's president and CEO, said: "I am optimistic about our future. Our product pipeline is as healthy as ever. At the same time that we continue to develop several promising opportunities around the PC, we are also entering the booming console market. In essence, we see significant potential for continuing growth as we enter the new fiscal year." ®