Computer parts maker Logitech’s second-quarter sales fall

(Reuters) -Logitech International suffered a drop in sales in the second quarter, it said on Tuesday, as the computer peripherals maker struggled to hold on to the gains made during the pandemic.

Sales fell 8% to $1.06 billion for the quarter ended September, it said in an exchange filing.

The company, criticised by one of its founders for not improving performance, has been grappling with falling sales after a surge during the COVID lockdown when people bought its computer mice, keyboards and webcams for remote work and play at home.

However, it reported sales of $2.03 billion in the first half, beating its own forecast of $1.875-$1.975 billion.

Non-GAAP operating income rose 17% to $183 million in the second quarter, the Swiss-U.S. company said. For the half year, it came in at $292 million, above the $180-$220 million forecast.

Logitech is in search of a new CEO to replace long-standing executive Bracken Darrell, who left in June. Last month, it came under fire from its co-founder Daniel Borel, who set up the company with two others in 1981.

Borel urged the company to find a new chairperson, after objecting to Wendy Becker’s re-election to the role, saying the company needs “someone who can react to the changed market situation.”

Logitech has been conducting a global search for the new CEO, the company said, adding that the board is moving closer to finalising a decision.

It expects sales this fiscal year to be in the range of $4-$4.15 billion and non GAAP operating income between $525 million and $575 million.

(Reporting by John Revill and Maria Ponnezhath; Editing by Dhanya Ann Thoppil)