Logitech reports sales slump

Logitech has reported a disappointing final quarter of fiscal 2008, with retail sales declining by 32 per cent to $408 million and a net loss of $35 million.

In the same quarter last year Logitech recorded $601 million in sales and net profit of $60.3 million.

“The primary cause of the year-over-year decline in our Q4 sales was the economic downturn,” said Logitech’s president and CEO Gerald P. Quindlen.

“Our sales were negatively impacted by the combination of weak consumer demand and the accelerating reset by our channel partners of their weeks of supply. A contributing factor to our sales decline was the effect of the stronger U.S. dollar.”