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Logitech Withdraws Fiscal Year 2009 Targets, Plans Restructuring too

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Logitech International today announced that it has withdrawn its Fiscal Year 2009 growth targets for sales and operating income due to the deepening global recession. The Company did not provide revised targets and plans to update investors on business conditions and performance during its briefing on third-quarter results on Jan. 20, 2009.
“During the December quarter, the retail environment deteriorated significantly,” said Gerald P. Quindlen, Logitech president and chief executive officer. “We experienced varying degrees of weakness across all geographies and channels as our customers reduced inventory levels in the face of weaker consumer demand. Moreover, we expect the economic environment to worsen in the coming months and we are therefore taking significant actions to align our cost structure with what is likely to be an extended downturn.”


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