Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the first quarter of Fiscal Year 2023.
- Sales were $1.16 billion, down 12 percent in US dollars and 9 percent in constant currency, compared to Q1 of the prior year. This performance reflects a challenging macroeconomic environment for the industry and compares against a quarter which grew 66 percent last year in US dollars.
- Category sales in US dollars grew 4 percent in Keyboards & Combos, were essentially flat in Pointing Devices and grew 5 percent in Video Collaboration compared to Q1 of the prior year. Sales in these categories in constant currency grew 7 percent, 3 percent and 7 percent, respectively. Gaming sales declined 16 percent in US dollars and 13 percent in constant currency compared to Q1 of the prior year.
- GAAP operating income declined 43 percent to $115 million, compared to $203 million and 143 percent growth in the same quarter a year ago. Non-GAAP operating income declined 38 percent to $146 million, compared to $235 million in the same quarter a year ago.
- GAAP earnings per share (EPS) declined 44 percent to $0.61, compared to $1.09 and 160 percent growth in the same quarter a year ago. Non-GAAP EPS declined 39 percent to $0.74, compared to $1.22 in the same quarter a year ago.