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Logitech sees mid to high single-digit sales growth in FY 2020

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Logitech sees mid to high single-digit sales growth in FY 2020
FILE PHOTO: Chief Executive Bracken Darrell of the computer peripherals maker Logitech addresses the company's annual news conference in Zurich, Switzerland April 26, 2017. REUTERS/Arnd Wiegmann/File Photo   -   Copyright  Arnd Wiegmann(Reuters)
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(Reuters) – Logitech International SA expects its annual sales to increase by mid to high single-digit in constant currencies in the next financial year ending March 2020, the computer peripherals and mobile speaker manufacturer said on Wednesday.

The Swiss-U.S. company – which makes ultra-fast keyboards used by e-sport gamers of Fortnite, League of Legends and Starcraft – said it expects its non-Gaap operating income to be in the range of $375 million to $385 million for the fiscal year ending 2020.

“Our diverse and innovative portfolio continues to deliver, driven by the horsepower of our gaming, video collaboration and creativity & productivity market opportunities,” said Chief Executive Bracken Darrell in a statement.

Logitech, which enjoyed an upbeat performance over the past 12 months, forecasts an operating income of $340 million to $345 million in its current financial year that ends on March 31.

The company expects annual sales to increase by 9 percent to 11 percent in the 2019 financial year when currency swings were removed.

Logitech increased its guidance twice during the current financial year due to robust sales in its devices for gaming, video conferencing and tablet computers, although a decline in mobile speaker sales has been a sore spot.

The company’s stock surged more than 20 percent so far this year.

(Reporting by John Revill in Zurich and Shubham Kalia in Bengaluru, Editing by Sherry Jacob-Phillips)

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