Logitech International has today reported a 20% drop in sales for its fourth quarter, as the computer mice, webcam and keyboard maker lapped high comparables from a year earlier.
Sales fell to $1.23 billion for the three months to the end of March from $1.54 billion a year earlier, when sales were massively boosted by people buying peripherals to equip their home offices during the Covid-19 pandemic.
Logitech also reduced its fiscal year 2023 outlook, removing the estimate of annual sales and profits that would have been generated in Ukraine and Russia.
The company now expects sales growth in constant currency to be between 2% and 4%, and non-GAAP operating income to be between $875m and $925m in fiscal year 2023.
The Swiss American company said GAAP operating income fell 56% to $129m in the quarter, from $295m a year earlier.
