Logitech who recently had a falling out with Harvey Norman has reported a US29.6M loss. Shortly after the announcement the CEO of the Company that we exposed for price gouging in Australia stepped down.
The accessories Company who is trying to sell product in Australia at up to 100% over the price of the same product in Australia blamed their Google TV Revue offering for contributing to their losses.
Sales of Logitech gaming and audio products fell more than 10%
See Logitech falls out with Harvey Norman here.
Logitech who reported a US$19.5 million dollar profit for the same quarter a year earlier were forced to drop the price of the Google TV offering from $249 to $99 after reviewers panned the Logitech Google TV offering the failure resulted in a US$34 million dollar hit for the Company.
CEO of the Swiss Company Gerald Quinlan said that sales had fallen 4%. It is not known whether sales have fallen in Australia.
Logitech reported quarterly sales of $480 million, flat from $479 million in Q1 a year ago.
Gross margins have fallen from 26.1 percent, from 35.3 percent a year ago.
The company also lowered its sales outlook for the full fiscal year to approximately $2.5 billion from $2.6 billion, and lowered its operating income target form $185 million to at or near last year’s level of $143 million.
Quindlen has been replaced on an acting basis by Logitech’s chairman, Guerrino De Luca.
“My priorities will be to pursue our many opportunities with a strong sense of urgency and to renew the confidence in Logitech among all stakeholders,” said De Luca in a statement.
