| ZURICH, March 6
ZURICH, March 6 Computer accessories maker
Logitech raised its guidance for the fiscal
year starting in April and said the current year's performance
would be at the upper end of its outlook, signs its focus on
accessories for tablets and smartphones is paying off.
The firm has been adjusting its product offering after the
rise of portable devices hit demand for traditional computer
mice and webcams.
Logitech is aiming for $2.16 billion in sales and $145
million in non-GAAP operating income in fiscal year 2014/15, up
from a forecast for $2.1 billion in sales and $90 million in
operating income given in May last year, the group said in a
statement ahead of a day of presentations to investors.
In the current fiscal year ending this month, Logitech
expects $2.1 billion in sales and $125 million in operating
income, at the upper end of the outlook provided in January, the
"We're very confident that we are on the right track with
our turnaround strategy," Bracken Darrell, president and chief
executive officer, said in the statement.
"Consumers are showing their approval of our renewed
emphasis on product design. We're building momentum in our
growth categories and we're becoming a faster and more
profitable Logitech," Darrell said.
The company also announced a share buyback programme worth
$250 million, saying it aimed "to create shareholder value by
making opportunistic repurchases during periods of favourable
market conditions". The buyback is expected to be completed in
Logitech's recent product launches include protective cases
for notebooks and tablets, a mobile gaming console to be used
with a smartphone and mobile speakers.
(Editing by David Holmes)