Logitech announces decline in sales
Logitech released the results for the third quarter of the current fiscal year and had to announce a noticeable decrease.
Input device specialist Logitech had to suffer a 16 percent decrease in sales compared to the previous year. The company was able to make sales worth $627 million while last year $744 million were reached. The bottom line is even worse: The operative income dropped from $114 million to $43 million - a decline of 63 percent.
In retail business sales went down by 16 percent, while the OEM section lost 11 percent. One of the reasons for this is the worldwide financial crisis that makes business difficult says Logitech in the press release. The strong US-Dollar is also said to have a negative effect.
In order to lower costs, Logitech announced to cut 550 to 600 jobs. With this $50 million will be saved during the next fiscal year.