Logitech recently posted its financial results for its first quarter of fiscal year 2014. The company announced that sales went up 2% YoY to $478 million. It had a net income of $1 million and an slight operating profit. Both numbers are a step up compared to the $51 million net loss and $59 million operating loss in the same quarter last year. Q1 FY2014 saw gross margin reach 35.2% compared to 31% in Q1 FY2013.
While Logitech saw OEM sales drop by 6% and sales of its LifeSize division drop by 18%, overall sales increased by 5% thanks to a 12% and 4% sales increase in the Americas and Asia markets respectively. Additionally, sales fell by 3% in the Europe, Middle East, and African markets.
|Q1 FY2014||Q1 FY2013|
|Sales||$478 million (+2%)||$469 million|
|Net Income||$1 million||($51 million)|
|Retail Sales (Total)||+5%||-base line-|
|OEM Sales||-6%||-base line-|
|LifeSize Division Sales||-18%||-base line-|
Logitech experienced the most growth in sales of its tablet accessories, PC gaming peripherals, and wireless speaker products which amounted to a 90% increase versus last year.
According to Logitech, the company expects $2 billion in sales and a $50 million operating income through the entire fiscal 2014 year. It expects to see a gross margin of 39%.
The full Logitech press release can be found over at Market Watch.