Logitech: slowing down sharply after COVID

Logitech has released its quarterly results for its 4th fiscal quarter (ending at the end of March) as well as for its full fiscal year. Sales for the last quarter were down -20% in USD to 1.23 billion (the reference currency for Logitech, which publishes accounts under US GAAP because it is also listed on the US stock exchange). Nevertheless, for the fiscal year, revenues grew by +4%, which is respectable following the previous exceptional year (+76%). Logitech was one of the big winners in the COVID crisis and the re-equipment of computer equipment for teleworking.

For 2023, Logitech has slightly reduced its forecast, removing lost sales in Ukraine and Russia. The company now expects sales growth of between 2% and 4%, and operating profit (non-GAAP) of between USD 875 and USD 925 million. If Logitech achieves this, it would mark the tenth consecutive year of growth.