Logitech OZ To Miss Out On Cuts
At the 2009 CES show the Company is set to launch several new products spanning the home PC, audio and wireless audio.
In a statement issued in the US Today Chief Executive Gerald Quindlen said, “During the December quarter, the retail environment deteriorated significantly. We expect the economic environment to worsen in coming months.”
According to Reuters In October, the Swiss Company cut its growth forecast for sales and operating income in its fiscal year ending March 31, 2009 from 15 percent each to 6-8 percent and 3-5 percent, respectively.
Logitech, which also makes speakers, webcams and keyboards, did not provide revised targets for sales and operating income, but said it would give a further business update with its third-quarter results on January 20.
It would not comment on its targets for fiscal year 2010, but said it expects savings from the restructuring to begin in the first quarter of fiscal 2010.
Logitech would book a restructuring charge in its fiscal 2009 fourth quarter, the company said, adding more details would follow on January 20.
“We remain confident in our strategy for driving long-term double-digit growth,” said Quindlen, citing a strong cash position and the maintenance of its market share in multiple business segments and geographical areas.