Logitech Q3/09

Just a few days ago, Logitech explained that it would withdraw its growth targets for FY09. Well, no wonder. Logotech has just announced its Q3 FY09 results, and it's not looking good at all. Gerald Quindlen, Logitech's CEO, said: "All indications point to an even weaker retail environment in the coming months. Consequently, our plans assume that in Q4 we will see year-over-year declines in sales, operating income... and gross margin that are similar or worse than the year-over-year declines we experienced in Q3". In Q3, Logitech's sales were 16% down on the same period in FY08. Gross Profit was down 32%, with Gross Margins declining from 36.9% to 29.9%. Operating Income was down 63%. And Net Income was down 70%...