Logitech reports 13.6% rise in sales during fourth quarter with work from home boosting demand

On Tuesday, Logitech International reported a rise of 13.6% in fourth-quarter sales. The development comes at a time when more people are working from home due to the coronavirus crisis.

Logitech has rpeorted a fourth-quarter sales of $709.2 million, up from $624.3 million a year ago.

Non-GAAP operating income rose 23.3% to $79 million in the quarter that ended in March.

For its full year net profit, Logitech reported a rise of 6.7% in sales, meeting its FY20 outlook for a mid to high single digit percentage rise; its annual non-GAAP operating income of $387 million beat its FY20 target range of $365 million-$375 million.

In March, the company had trimmed its full-year profit outlook to factor in supply chain disruptions created by the Wuhan coronavirus pandemic but had stuck to its sales forecast.

“Video conferencing, working remotely, creating and streaming content, and gaming are long-term secular trends driving our business,” said Logitech’s CEO Bracken Darrell in a statement. “The pandemic hasn’t changed these trends; it has accelerated them.”

Logitech has also retained its March 2020 outlook which placed its sales growth to a mid-single digit percentage in constant currencies for the year to the end of March 2021; it expects a rise in operating profit to $380 million-$400 million.

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