Logitech International (SIX:LOGN) (NASDAQ:LOGI) today announced
financial results for the second quarter of Fiscal Year 2017.
- Q2 sales were $564 million, up 9
percent compared to Q2 of the prior year. Q2 retail sales grew 14
percent, reaching a record level for Q2.
- Q2 GAAP operating income was $53
million compared to $37 million a year ago. Q2 GAAP earnings per
share (EPS) from continuing operations were $0.28 compared to $0.18
a year ago.
- Q2 non-GAAP operating income was $65
million compared to $47 million a year ago, with non-GAAP EPS of
$0.35 compared to $0.25 a year ago.
- Q2 cash flow from operations was $74
million compared to $11 million a year ago.
“We’ve delivered an outstanding quarter – the highest Q2 retail
sales in Logitech’s history – and a first half ahead of
expectations,” said Bracken Darrell, Logitech president and chief
executive officer. “Once more this quarter shows our strategy
clearly: new product launches that again demonstrate the power of
our innovation engine, ongoing operational excellence, and
profitable growth across all our regions and in almost all our
market opportunities. As we enter the second half of the year and
our biggest quarter, we’ve got momentum, a winning product
portfolio and a terrific team.”
Outlook
Logitech’s Fiscal Year 2017 outlook is 8 to 10 percent retail
sales growth in constant currency and $195 million to $205 million
in non-GAAP operating income.
Prepared Remarks Available Online
Logitech has made its prepared written remarks for the financial
results teleconference available online on the Logitech corporate
website at http://ir.logitech.com.
Financial Results Teleconference and Webcast
Logitech will hold a financial results teleconference to discuss
the results for Q2 FY 2017 on Weds., October 26, 2016 at 8:30 a.m.
Eastern Daylight Time and 2:30 p.m. Central European Summer Time. A
live webcast of the call will be available on the Logitech
corporate website at http://ir.logitech.com.
Continued Operations
Logitech separated its Lifesize division from the Company on
Dec. 28, 2015. Except as otherwise noted, all the results reported
in this press release as well as comparisons between periods are
focused on results from continuing operations and do not address
the performance of Lifesize, which is now reported in the Company’s
financial statements under discontinued operations or total
Logitech including discontinued operations. For more information on
the impact of the Lifesize separation on Logitech’s historical
results, please refer to the Financial Reporting section of
Logitech’s Financial History, available on the Logitech corporate
website at http://ir.logitech.com.
Use of Non-GAAP Financial Information and Constant
Currency
To facilitate comparisons to Logitech’s historical results,
Logitech has included non-GAAP adjusted measures, which exclude
share-based compensation expense, amortization of intangible
assets, purchase accounting effect on inventory,
acquisition-related costs, restructuring charges (credits), gain
(loss) on equity-method investment, investigation and related
expenses, non-GAAP income tax adjustment, and other items detailed
under “Supplemental Financial Information” after the tables below.
Logitech also presents percentage sales growth in constant currency
to show performance unaffected by fluctuations in currency exchange
rates. Percentage sales growth in constant currency is calculated
by translating prior period sales in each local currency at the
current period’s average exchange rate for that currency and
comparing that to current period sales. Logitech believes this
information, used together with the GAAP financial information,
will help investors to evaluate its current period performance and
trends in its business. With respect to the Company’s outlook for
non-GAAP operating income, most of these excluded amounts pertain
to events that have not yet occurred and are not currently possible
to estimate with a reasonable degree of accuracy. Therefore, no
reconciliation to the GAAP amounts has been provided for Fiscal
Year 2017.
About Logitech
Logitech designs products that have an everyday place in
people's lives, connecting them to the digital experiences they
care about. Over 30 years ago Logitech started connecting people
through computers, and now it’s designing products that bring
people together through music, gaming, video and computing. Founded
in 1981, Logitech International is a Swiss public company listed on
the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select
Market (LOGI). Find Logitech at www.logitech.com, the company blog
or @Logitech.
This press release contains forward-looking statements within
the meaning of the federal securities laws, including, without
limitation statements regarding: our strategy, new product
launches, product portfolio, innovation, operations, profitability,
growth, momentum, and outlook for Fiscal Year 2017 operating income
and sales growth as well as the size of our fiscal third quarter.
The forward-looking statements in this release involve risks and
uncertainties that could cause Logitech’s actual results and events
to differ materially from those anticipated in these
forward-looking statements, including, without limitation: if our
product offerings, marketing activities and investment
prioritization decisions do not result in the sales, profitability
or profitability growth we expect, or when we expect it; the demand
of our customers and our consumers for our products and our ability
to accurately forecast it; if we fail to innovate and develop new
products in a timely and cost-effective manner for our new and
existing product categories; if we do not successfully execute on
our growth opportunities or our growth opportunities are more
limited than we expect; if sales of PC peripherals are less than we
expect; the effect of pricing, product, marketing and other
initiatives by our competitors, and our reaction to them, on our
sales, gross margins and profitability; if our products and
marketing strategies fail to separate our products from
competitors’ products; if we do not fully realize our goals to
lower our costs and improve our operating leverage; if there is a
deterioration of business and economic conditions in one or more of
our sales regions or product categories, or significant
fluctuations in exchange rates. A detailed discussion of these and
other risks and uncertainties that could cause actual results and
events to differ materially from such forward-looking statements is
included in Logitech’s periodic filings with the Securities and
Exchange Commission, including our Annual Report on Form 10-K for
the fiscal year ended March 31, 2016 and our Quarterly Report on
Form 10-Q for fiscal quarter ended June 30, 2016, available at
www.sec.gov, under the caption Risk Factors and elsewhere. Logitech
does not undertake any obligation to update any forward-looking
statements to reflect new information or events or circumstances
occurring after the date of this press release.
Note that unless noted otherwise, comparisons are year over
year.
2016 Logitech, Logicool, Logi and other Logitech marks are owned
by Logitech and may be registered. All other trademarks are the
property of their respective owners. For more information about
Logitech and its products, visit the company’s website at
www.logitech.com.
LOGITECH INTERNATIONAL S.A.
(In thousands, except per share amounts) - unaudited
Three Months Ended Six Months Ended September
30, September 30, GAAP CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (A) 2016 2015
2016 2015 Net sales $ 564,304 $ 518,494 $
1,044,168 $ 966,180 Cost of goods sold 356,268 345,977 665,893
635,730 Amortization of intangible assets and purchase accounting
effect on inventory 1,163 — 2,776 —
Gross profit 206,873 172,517 375,499 330,450
Operating expenses: Marketing and selling 93,792 78,833
177,664 154,629 Research and development 32,632 28,725 64,583
56,727 General and administrative 25,216 25,074 50,956 53,886
Amortization of intangible assets and acquisition-related costs
1,748 168 3,041 336 Restructuring charges (credits), net 74
3,146 (11 ) 14,684 Total operating expenses 153,462
135,946 296,233 280,262 Operating
income 53,411 36,571 79,266 50,188
Interest income (expense), net (90 ) 189 61 444 Other expense, net
(683 ) (737 ) (1,691 ) (1,756 ) Income before income taxes 52,638
36,023 77,636 48,876 Provision for income taxes 5,593 5,571
8,650 5,564 Net income from continuing
operations 47,045 30,452 68,986 43,312
Loss from discontinued operations, net of taxes — (12,355 )
— (17,778 ) Net income $ 47,045 $ 18,097 $
68,986 $ 25,534 Net income (loss) per share -
basic: Continuing operations $ 0.29 $ 0.19 $ 0.43 $ 0.26
Discontinued operations — (0.08 ) — (0.10 ) Net
income per share - basic $ 0.29 $ 0.11 $ 0.43
$ 0.16 Net income (loss) per share - diluted:
Continuing operations $ 0.28 $ 0.18 $ 0.42 $ 0.26 Discontinued
operations — (0.07 ) — (0.11 ) Net income per share -
diluted $ 0.28 $ 0.11 $ 0.42 $ 0.15
Weighted average shares used to compute net income (loss)
per share: Basic 162,222 163,515 162,176 163,957 Diluted 165,549
165,841 164,926 166,352 Cash dividend per share $ 0.57 $
0.53 $ 0.57 $ 0.53
LOGITECH INTERNATIONAL S.A.
(In thousands) - unaudited September 30,
March 31, CONDENSED CONSOLIDATED BALANCE SHEETS
(A) 2016 2016 Current assets:
Cash and cash equivalents $ 395,201 $ 519,195 Accounts receivable,
net 240,606 142,778 Inventories 268,110 228,786 Other current
assets 40,201 35,488 Total current
assets $ 944,118 $ 926,247
Non-current assets: Property,
plant and equipment, net 84,797 92,860 Goodwill 249,765 218,224
Other intangible assets 53,063 — Other assets 84,517
86,816
Total assets $ 1,416,260 $
1,324,147
Current liabilities: Accounts
payable $ 333,543 $ 241,166 Accrued and other current liabilities
213,910 173,764 Total current
liabilities $ 547,453 $ 414,930
Non-current liabilities:
Income taxes payable $ 60,360 $ 59,734 Other non-current
liabilities 92,413 89,535
Total
liabilities $ 700,226 $ 564,199
Shareholders’
equity: Registered shares, CHF 0.25 par value: 30,148 30,148
Issued and authorized shares —173,106 at September 30 and March 31,
2016 Conditionally authorized shares — 50,000 at September 30 and
March 31, 2016 Additional paid-in capital 8,851 6,616 Less shares
in treasury, at cost — 11,009 at September 30, 2016 and 10,697 at
March 31, 2016 (152,070 ) (128,407 ) Retained earnings 937,220
963,576 Accumulated other comprehensive loss (108,115 )
(111,985 )
Total shareholders’ equity 716,034
759,948
Total liabilities and shareholders’
equity $ 1,416,260 $ 1,324,147
LOGITECH INTERNATIONAL S.A. (In thousands)
- unaudited Three Months Ended Six Months Ended
September 30, September 30, CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (A) 2016 2015
2016 2015 Cash flows from operating
activities: Net income $ 47,045 $ 18,097 $ 68,986 $ 25,534
Non-cash items included in net income: Depreciation 10,511 11,721
23,616 22,237 Amortization of intangible assets 2,159 494 3,867
1,226 Loss (gain) on equity-method investment (171 ) 77 (172 ) 180
Share-based compensation expense 8,450 6,508 16,967 13,257 Excess
tax benefits from share-based compensation (850 ) (498 ) (4,130 )
(1,163 ) Deferred income taxes 663 7,684 (385 ) 952 Changes in
operating assets and liabilities, net of acquisitions: Accounts
receivable, net (48,340 ) (54,195 ) (97,001 ) (95,403 ) Inventories
(18,310 ) (1,278 ) (28,317 ) (55,442 ) Other assets (3,567 ) (6,128
) (4,738 ) (8,511 ) Accounts payable 40,907 15,820 83,676 50,361
Accrued and other liabilities 35,522 12,435 25,387
31,910
Net cash provided by (used in) operating
activities 74,019 10,737 87,756 (14,862 )
Cash flows from
investing activities: Purchases of property, plant and
equipment (6,623 ) (15,987 ) (14,758 ) (31,277 ) Investment in
privately held companies (160 ) (240 ) (480 ) (480 ) Acquisitions,
net of cash acquired (13,000 ) — (66,987 ) — Release of restricted
cash — — 715 — Purchase of trading investments (1,042 ) (1,746 )
(5,271 ) (2,649 ) Proceeds from sales of trading investments 1,065
2,015 5,296 2,855
Net cash used in
investing activities (19,760 ) (15,958 ) (81,485 ) (31,551 )
Cash flows from financing activities: Payment of cash
dividends (93,093 ) (85,915 ) (93,093 ) (85,915 ) Purchases of
treasury shares (18,472 ) (39,988 ) (42,894 ) (48,802 ) Proceeds
from sales of shares upon exercise of options and purchase rights
13,885 7,037 14,484 11,103 Tax withholdings related to net share
settlements of restricted stock units (1,862 ) (2,206 ) (11,047 )
(3,502 ) Excess tax benefits from share-based compensation 850
498 4,130 1,163
Net cash used in
financing activities (98,692 ) (120,574 ) (128,420 ) (125,953 )
Effect of exchange rate changes on cash and cash equivalents (477 )
(659 ) (1,845 ) 1,102
Net decrease in cash and
cash equivalents (44,910 ) (126,454 ) (123,994 )
(171,264 ) Cash and cash equivalents, beginning of the period
440,111 492,228 519,195 537,038 Cash
and cash equivalents, end of the period $ 395,201 $ 365,774
$ 395,201 $ 365,774
The following
amounts reflected in the statements of cash flows are included in
discontinued operations: Depreciation $ — $ 715 $ — $ 1,420
Amortization of other intangible assets $ — $ 326 $ — $ 890
Share-based compensation expense $ — $ 202 $ — $ 428 Purchases of
property, plant and equipment $ — $ 365 $ — $ 750 Cash and cash
equivalents, beginning of the period $ — $ 1,911 $ — $ 3,659 Cash
and cash equivalents, end of the period $ — $ 4,639 $ — $ 4,639
LOGITECH INTERNATIONAL
S.A. (In thousands) - unaudited NET SALES
Three Months Ended Six Months Ended September
30, September 30, SUPPLEMENTAL FINANCIAL
INFORMATION 2016 2015 Change 2016
2015 Change Net sales by channel:
Retail $ 564,304 $ 496,263 14 % $ 1,044,168 $ 921,651 13 % OEM —
22,231 (100 ) — 44,529 (100 )
Total
net sales $ 564,304 $ 518,494 9 $ 1,044,168
$ 966,180 8
Net retail sales by product
category: Mobile Speakers $ 97,172 $ 80,550 21 % $ 154,468 $
121,094 28 % Audio-PC & Wearables 62,254 46,342 34 118,833
92,041 29 Gaming 79,193 67,624 17 135,693 111,294 22 Video
Collaboration 28,581 20,059 42 52,491 41,235 27 Home Control 11,807
12,610 (6 ) 22,974 22,864 — Pointing Devices 123,300 124,668 (1 )
240,083 241,653 (1 ) Keyboards & Combos 116,516 102,098 14
234,535 207,927 13 Tablet & Other Accessories 20,614 18,549 11
34,499 37,358 (8 ) PC Webcams 24,307 23,360 4 49,569 45,041 10
Other (1) 560 403 39 1,023 1,144 (11 )
Total net retail sales $ 564,304 $ 496,263 14
$ 1,044,168 $ 921,651 13
__________________
(1) Other category includes products that
we currently intend to transition out of, or have already
transitioned out of, because they are no longer strategic to our
business.
LOGITECH INTERNATIONAL S.A.
(In thousands, except per share amounts) - Unaudited
GAAP TO NON GAAP RECONCILIATION (A)(B) Three
Months Ended Six Months Ended September 30,
September 30, SUPPLEMENTAL FINANCIAL INFORMATION
2016 2015 2016 2015 Gross
profit - GAAP $ 206,873 $ 172,517 $ 375,499 $ 330,450
Share-based compensation expense 638 580 1,313 1,185 Amortization
of intangible assets and purchase accounting effect on inventory
1,163 — 2,776 —
Gross profit -
Non-GAAP $ 208,674 $ 173,097 $ 379,588 $
331,635 Gross margin - GAAP 36.7 % 33.3 % 36.0 % 34.2
% Gross margin - Non-GAAP 37.0 % 33.4 % 36.4 % 34.3 %
Operating expenses - GAAP $ 153,462 $ 135,946 $ 296,233 $
280,262 Less: Share-based compensation expense 7,812 5,726 15,654
11,637 Less: Amortization of intangible assets and
acquisition-related costs 1,748 168 3,041 336 Less: Restructuring
charges (credits), net 74 3,146 (11 ) 14,684 Less: Investigation
and related expenses — 321 612 4,370
Operating expenses - Non-GAAP $ 143,828 $ 126,585
$ 276,937 $ 249,235 % of net sales -
GAAP 27.2 % 26.2 % 28.4 % 29.0 % % of net sales - Non - GAAP 25.5 %
24.4 % 26.5 % 25.8 %
Operating income - GAAP $ 53,411
$ 36,571 $ 79,266 $ 50,188 Share-based compensation expense 8,450
6,306 16,967 12,822 Amortization of intangible assets 2,159 168
3,867 336 Purchase accounting effect on inventory — — 703 —
Acquisition-related costs 752 — 1,247 — Restructuring charges
(credits), net 74 3,146 (11 ) 14,684 Investigation and related
expenses — 321 612 4,370
Operating
income - Non - GAAP $ 64,846 $ 46,512 $ 102,651
$ 82,400 % of net sales - GAAP 9.5 % 7.1 % 7.6
% 5.2 % % of net sales - Non - GAAP 11.5 % 9.0 % 9.8 % 8.5 %
Net income from continuing operations - GAAP $ 47,045 $
30,452 $ 68,986 $ 43,312 Share-based compensation expense 8,450
6,306 16,967 12,822 Amortization of intangible assets 2,159 168
3,867 336 Purchase accounting effect on inventory — — 703 —
Acquisition-related costs 752 — 1,247 — Restructuring charges
(credits), net 74 3,146 (11 ) 14,684 Investigation and related
expenses — 321 612 4,370 Loss (gain) on equity-method investment
(171 ) 77 (172 ) 180 Non-GAAP income tax adjustment (379 ) 658
(1,054 ) (3,171 )
Net income from continuing operations -
Non - GAAP $ 57,930 $ 41,128 $ 91,145 $
72,533
Net income from continuing operations per
share: Diluted - GAAP $ 0.28 $ 0.18 $ 0.42 $ 0.26 Diluted - Non
- GAAP $ 0.35 $ 0.25 $ 0.55 $ 0.44
Shares used to compute
net income per share: Diluted - GAAP and Non - GAAP 165,549
165,841 164,926 166,352
LOGITECH
INTERNATIONAL S.A. (In thousands) – unaudited
SHARE-BASED COMPENSATION EXPENSE Three Months Ended
Six Months Ended September 30, September 30,
SUPPLEMENTAL FINANCIAL INFORMATION 2016 2015
2016 2015 Share-based Compensation
Expense Cost of goods sold $ 638 $ 580 $ 1,313 $ 1,185
Marketing and selling 3,244 1,997 6,681 4,061 Research and
development 917 655 1,831 1,328 General and administrative 3,651
3,074 7,142 6,248 Restructuring — — — 7
Total share-based compensation expense 8,450 6,306 16,967
12,829 Income tax benefit (1,886 ) (1,160 ) (3,701 ) (2,497 )
Total share-based compensation expense, net of income tax $
6,564 $ 5,146 $ 13,266 $ 10,332
__________________
(A) Preliminary valuation from the business acquisitions
The preliminary purchase price allocations from the business
acquisitions during the current periods are included in the tables.
The fair value of identifiable intangible assets acquired was based
on estimates and assumptions made by us at the time of
acquisitions. As additional information becomes available, such as
finalization of the estimated fair value of the assets acquired and
liabilities assumed and the fair value of contingent consideration,
we may revise our preliminary or interim purchase price allocations
during the remainder of the measurement periods (which will not
exceed 12 months from the acquisition dates). Any such revisions or
changes may be material as we finalize the fair values of the
tangible and intangible assets acquired and liabilities assumed,
and may have a material impact over the results of operations.
(B) Non-GAAP Financial Measures
To supplement our condensed consolidated financial results
prepared in accordance with GAAP, we use a number of financial
measures, both GAAP and non-GAAP, in analyzing and assessing our
overall business performance, for making operating decisions and
for forecasting and planning future periods. We consider the use of
non-GAAP financial measures helpful in assessing our current
financial performance, ongoing operations and prospects for the
future as well as understanding financial and business trends
relating to our financial condition and results of operations.
While we use non-GAAP financial measures as a tool to enhance
our understanding of certain aspects of our financial performance
and to provide incremental insight into the underlying factors and
trends affecting both our performance and our cash-generating
potential, we do not consider these measures to be a substitute
for, or superior to, the information provided by GAAP financial
measures. Consistent with this approach, we believe that disclosing
non-GAAP financial measures to the readers of our financial
statements provides useful supplemental data that, while not a
substitute for GAAP financial measures, can offer insight in the
review of our financial and operational performance and enables
investors to more fully understand trends in our current and future
performance. In assessing our business during the quarter ended
June 30, 2016, we excluded items in the following general
categories, each of which are described below:
Share-based compensation expenses. We
believe that providing non-GAAP measures excluding share-based
compensation expense, in addition to the GAAP measures, allows for
a more transparent comparison of our financial results from period
to period. We prepare and maintain our budgets and forecasts for
future periods on a basis consistent with this non-GAAP financial
measure. Further, companies use a variety of types of equity awards
as well as a variety of methodologies, assumptions and estimates to
determine share-based compensation expense. We believe that
excluding share-based compensation expense enhances our ability and
the ability of investors to understand the impact of non-cash
share-based compensation on our operating results and to compare
our results against the results of other companies.
Amortization of intangible assets. We
incur intangible asset amortization expense, primarily in
connection with our acquisitions of various businesses and
technologies. The amortization of purchased intangibles varies
depending on the level of acquisition activity. We exclude these
various charges in budgeting, planning and forecasting future
periods and we believe that providing the non-GAAP measures
excluding these various non-cash charges, as well as the GAAP
measures, provides additional insight when comparing our operating
expenses and financial results from period to period.
Purchase accounting effect on
inventory. Business combination accounting principles require
us to measure acquired inventory at fair value. The fair value of
inventory reflects the acquired company’s cost of manufacturing
plus a portion of the expected profit margin. The non-GAAP
adjustment excludes the expected profit margin component that is
recorded under business combination accounting principles
associated with our business acquisitions. We believe the
adjustment is useful to investors because such charges are not
reflective of our ongoing operations.
Acquisition-related costs. We incurred
expenses in connection with our acquisitions which we generally
would not have otherwise incurred in the periods presented as a
part of our continuing operations. Acquisition related
costs include all incremental expenses incurred to effect a
business combination. We believe that providing the non-GAAP
measures excluding these costs, as well as the GAAP measures,
assists our investors because such costs are not reflective of our
ongoing operating results.
Restructuring charges (credits). These
expenses are associated with re-aligning our business strategies
based on current economic conditions. We have undertaken several
restructuring plans in recent years. In connection with our
restructuring initiatives, we incurred restructuring charges
related to employee terminations, facility closures and early
cancellation of certain contracts. We believe that providing the
non-GAAP measures excluding these charges, as well as the GAAP
measures, assists our investors because such charges (credits) are
not reflective of our ongoing operating results in the current
period.
Gain (loss) on equity-method
investment. We recognized gain (loss) related to our
investments in various privately-held companies, which varies
depending on the operational and financial performance of the
privately-held companies in which we invested. We believe that
providing the non-GAAP measures excluding these charges, as well as
the GAAP measures, assists our investors because such charges are
not reflective of our ongoing operations.
Investigation and related
expenses. These expenses are forensic accounting, audit,
consulting and legal fees related to the Audit Committee’s
investigation and the formal investigation by and settlement with
the Securities and Exchange Commission (SEC), together with
accruals based on settlement with the SEC. We believe that
providing the non-GAAP measures excluding these charges, as well as
the GAAP measures, assists our investors because such charges are
not reflective of our ongoing operations.
Non-GAAP income tax adjustment.
Non-GAAP income tax adjustment primarily measures the income
tax effect of non-GAAP adjustments excluded above and other
events; the determination of which is based upon the nature of the
underlying items, the mix of income and losses in jurisdictions and
the relevant tax rates in which we operate.
Each of the non-GAAP financial measures described above, and
used in this press release, should not be considered in isolation
from, or as a substitute for, a measure of financial performance
prepared in accordance with GAAP. Further, investors are cautioned
that there are inherent limitations associated with the use of each
of these non-GAAP financial measures as an analytical tool. In
particular, these non-GAAP financial measures are not based on a
comprehensive set of accounting rules or principles and many of the
adjustments to the GAAP financial measures reflect the exclusion of
items that are recurring and may be reflected in the Company’s
financial results for the foreseeable future. We compensate for
these limitations by providing specific information in the
reconciliation included in this press release regarding the GAAP
amounts excluded from the non-GAAP financial measures. In addition,
as noted above, we evaluate the non-GAAP financial measures
together with the most directly comparable GAAP financial
information.
Additional Supplemental Financial Information - Constant
Currency
In addition, Logitech presents percentage sales growth in
constant currency to show performance unaffected by fluctuations in
currency exchange rates. Percentage sales growth in constant
currency is calculated by translating prior period sales in each
local currency at the current period’s average exchange rate for
that currency and comparing that to current period sales. Sales for
the three months ended September 30, 2016 compared to sales for the
three months ended September 30, 2015 increased 9 percent in both
constant currency and U.S. Dollars. Retail sales for the three
months ended September 30, 2016 compared to retail sales for the
three months ended September 30, 2015 grew 14 percent in both
constant currency and U.S. Dollars.
(LOGIIR)
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Logitech InternationalBen LuVice President, Investor Relations -
USA510-713-5568orKrista ToddVice President, External Communications
- USA510-713-5834orBen StarkieCorporate Communications - Europe+41
(0) 79-292-3499
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