LOGITECH INTL NA SF -,25 (LOGI, Financial) filed Quarterly Report for the period ended 2009-12-31.
Logitech Intl Na Sf -,25 has a market cap of $2.97 billion; its shares were traded at around $16.95 with a P/E ratio of 105.9 and P/S ratio of 1.3. GuruFocus rated Logitech Intl Na Sf -,25 the business predictability rank of 2.5-star.LOGI is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC, Chuck Royce of ROYCE & ASSOCIATES.
Retail sales in our Americas and Europe-Middle East-Africa (“EMEA”) regions increased 8% and 6% in the three months ended December 31, 2009 compared with the three months ended December 31, 2008. Retail sales in our Asia Pacific region declined 17% in the same period. For the nine months ended December 31, 2009, retail sales declined 10%, 17% and 22% in the Americas, EMEA and Asia Pacific regions, compared with the prior year.
Retail sales increased 3% and retail units sold grew 6% in the three months ended December 31, 2009 compared with 2008, primarily due to improved sales of cordless mice and Harmony remotes. Our overall retail average selling price for the three month period was down 2% compared with the same period in 2008. Sales of our products priced above $100 represented 17% of our retail sales in the quarter, as compared with 15% in the prior year. Retail sales of products priced below $60 were 67% of total retail sales in the three months ended December 31, 2009, compared with 61% in the prior year.
Approximately 54% and 51% of the Company s total net sales were denominated in currencies other than the U.S. dollar in the three and nine months ended December 31, 2009 compared with approximately 49% and 44% in the three and nine months ended December 31, 2008. If foreign currency exchange rates had been the same in the three and nine months ended December 31, 2009 and 2008, our total sales decline would have been 7% and 21% instead of 2% and 20%.
Retail units sold in our pointing devices product family grew 18% in the three months and decreased 10% in the nine months ended December 31, 2009 compared with the same periods in 2008. Sales of cordless mice increased 20% and units increased 34% in the three months ended December 31, 2009 compared with the prior year. The sales improvement was led by the V220 cordless optical mouse for notebooks, the Performance Mouse MX and the Anywhere Mouse MX. For the nine months ended December 31, 2009, retail sales of cordless mice decreased 14% and units increased 3%. Retail sales of corded mice increased 1% and decreased 24%, and units increased 9% and decreased 18% in the three and nine months ended December 31, 2009 compared with the same periods in the prior year.
Retail unit sales of keyboards and desktops decreased 5% and 19% in the three and nine months ended December 31, 2009 compared with the same periods ended December 31, 2008. Retail sales of cordless keyboards and desktops declined 4% and 29% in the three and nine months ended December 31, 2009, with units increasing 3% and decreasing 15%. Retail sales of corded keyboards and desktops were flat in the three month period and declined 15% in the nine month period, while unit sales decreased 10% and 23% in those periods compared with the prior year.
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Logitech Intl Na Sf -,25 has a market cap of $2.97 billion; its shares were traded at around $16.95 with a P/E ratio of 105.9 and P/S ratio of 1.3. GuruFocus rated Logitech Intl Na Sf -,25 the business predictability rank of 2.5-star.LOGI is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC, Chuck Royce of ROYCE & ASSOCIATES.
Highlight of Business Operations:
Retail sales in the three months ended December 31, 2009 increased 3% compared with the three months ended December 31, 2008 and decreased 2% excluding the favorable impact of exchange rate changes. For the nine months ended December 31, 2009, retail sales decreased 16% compared with the same period in the prior year. Exchange rate changes had no impact on the percentage decline in retail sales for the nine month period. Retail units sold increased 6% in the three months and decreased 10% in the nine months ended December 31, 2009, compared with the same periods in the prior year.Retail sales in our Americas and Europe-Middle East-Africa (“EMEA”) regions increased 8% and 6% in the three months ended December 31, 2009 compared with the three months ended December 31, 2008. Retail sales in our Asia Pacific region declined 17% in the same period. For the nine months ended December 31, 2009, retail sales declined 10%, 17% and 22% in the Americas, EMEA and Asia Pacific regions, compared with the prior year.
Retail sales increased 3% and retail units sold grew 6% in the three months ended December 31, 2009 compared with 2008, primarily due to improved sales of cordless mice and Harmony remotes. Our overall retail average selling price for the three month period was down 2% compared with the same period in 2008. Sales of our products priced above $100 represented 17% of our retail sales in the quarter, as compared with 15% in the prior year. Retail sales of products priced below $60 were 67% of total retail sales in the three months ended December 31, 2009, compared with 61% in the prior year.
Approximately 54% and 51% of the Company s total net sales were denominated in currencies other than the U.S. dollar in the three and nine months ended December 31, 2009 compared with approximately 49% and 44% in the three and nine months ended December 31, 2008. If foreign currency exchange rates had been the same in the three and nine months ended December 31, 2009 and 2008, our total sales decline would have been 7% and 21% instead of 2% and 20%.
Retail units sold in our pointing devices product family grew 18% in the three months and decreased 10% in the nine months ended December 31, 2009 compared with the same periods in 2008. Sales of cordless mice increased 20% and units increased 34% in the three months ended December 31, 2009 compared with the prior year. The sales improvement was led by the V220 cordless optical mouse for notebooks, the Performance Mouse MX and the Anywhere Mouse MX. For the nine months ended December 31, 2009, retail sales of cordless mice decreased 14% and units increased 3%. Retail sales of corded mice increased 1% and decreased 24%, and units increased 9% and decreased 18% in the three and nine months ended December 31, 2009 compared with the same periods in the prior year.
Retail unit sales of keyboards and desktops decreased 5% and 19% in the three and nine months ended December 31, 2009 compared with the same periods ended December 31, 2008. Retail sales of cordless keyboards and desktops declined 4% and 29% in the three and nine months ended December 31, 2009, with units increasing 3% and decreasing 15%. Retail sales of corded keyboards and desktops were flat in the three month period and declined 15% in the nine month period, while unit sales decreased 10% and 23% in those periods compared with the prior year.
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