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Logitech 3Q Net Profit Up 41% On Year; Expects Strong 4Q Sales

By Se Young Lee and Goran Mijuk Of DOW JONES NEWSWIRES Logitech International SA (LOGI) Thursday reported a 41% rise in fiscal third-quarter net profit as the Swiss computer peripheral maker benefited from recent cost cuts and the sales decline slowed compared with previous quarter. The Romanel-sur-Morges, Switzerland-based firm also said it expects to see stronger sales momentum in the fiscal fourth quarter. The company said net profit for the three months to the end of December rose to $57.1 million from $40.5 million in the year-earlier period as the company's restructuring efforts played out. Sales during the important Christmas holiday period, meanwhile, declined 1.7% to $617.1 million from $627.5 million a year ago. However, on a quarter-on-quarter basis, revenue jumped 24% from $498.1 million in the second quarter, reflecting hopes that the worst of the economic crisis is over and that consumer spending will pick up. "(The third quarter) marks a turning point in our plan to emerge stronger from the economic downturn," said Gerald P. Quindlen, Logitech president and chief executive officer. "There were many highlights in the quarter, starting with improved sell-through in all of our retail regions, driven by the success of our new products across multiple categories." "For the current quarter, we anticipate accelerating sales momentum, resulting in our return to double-digit sales growth, as well as a substantial improvement in profitability compared to (fourth quarter of fiscal year 2009)," he added. The company forecasts sales for the fourth quarter ending March 31 to be between $500 million and $515 million, a gross margin of about 34% and operating income between $15 million and $20 million. Logitech posted a net loss in the fourth quarter of the preceding fiscal year and the first quarter of current fiscal year as retailers started to aggressively destock, a trend that slowed in the second quarter and now seems to have ended, igniting hopes for a turnaround. Company Web Site: www.logitech.com -By Se Young Lee and Goran Mijuk, Dow Jones Newswires; +65 6415 4155; vincent.lee@dowjones.com

Stock News for Logitech International S.a. - Registered (LOGI)
DateTimeHeadline
04/29/201603:01:00Logitech Teams Up with San Francisco SPCA and MSPCA-Angell to...
04/28/201606:03:51Current Report Filing (8-k)
04/27/201621:00:00Logitech Delivers Best Annual Retail Sales Growth in Five Years
04/26/201603:01:00Logi BASE: The Easiest Way to Charge and Use Your iPad Pro
04/21/201612:19:00SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces the Commencement...
04/21/201611:09:00Shareholder Alert: Bronstein, Gewirtz & Grossman, LLC Announces...
04/20/201617:49:00EQUITY ALERT: Rosen Law Firm Announces Investigation of Securities...
04/14/201617:34:49Current Report Filing (8-k)
04/12/201617:00:00Logitech to Acquire Jaybird, Expanding Into the Fast-Growing...
04/06/201617:00:00Logitech Announces Date for Release of Fourth Quarter and Full-Year...
04/05/201603:01:00International Street Artist James Reka Behind Next Ultimate Ears...
04/01/201606:00:00A Big Brand Fights Hunger and Superheroes Fight to Make History...
03/30/201603:01:00Logitech Breaks Company Record with Nine Red Dot 2016 Product...
03/29/201616:54:20Statement of Changes in Beneficial Ownership (4)
03/24/201603:42:00Logitech G Introduces Its Best Gaming Mouse Yet With Professional-Grade...
03/24/201603:01:00Logitech G Introduces Its Best Gaming Mouse Yet With Professional-Grade...
03/17/201603:01:00Logitech G Unveils Two Cherry Mechanical Gaming Keyboards
03/07/201604:00:00Logitech Takes the Hassle Out of Building Video Conference Rooms
03/01/201623:30:00Logitech Projects Continued Growth in Revenue and Profitability
02/26/201615:00:00Logitech Honored With Eight 2016 iF DESIGN AWARDS

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