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Logitech sales rise 66% on higher demand amid work-from-home activity

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FILE PHOTO: Logitech keyboards are seen in the computer shop in Zenica

(Reuters) - Computer peripherals maker Logitech said on Tuesday it was seeing no let-up in demand from stay-at-home workers, after reporting higher operating income and sales at the start of its 2022 business year.

Sales rose 66% to $1.31 billion during the three months to the end of June, up from $792 million a year earlier. Non GAAP operating income doubled to $235 million in the first quarter.

Trends like working from home and the rise of online gaming continued to fuel Logitech's performance as it lapped tough comparisons with last year's pandemic-boosted sales.

The Swiss-American company, which makes computer keyboards, mice and webcams, has been boosted in recent months as more people worked from home during the COVID-19 pandemic.

The unprecedented surge in demand made Logitech raise its guidance five times while its stock price gained 87% in 2020.

From September, Logitech will replace Swatch Group in the Swiss blue-chip SMI index, bourse operator SIX said earlier this month.

On Tuesday, Logitech kept its guidance for the year to the end of March 2022, saying it still expects non GAAP operating income of $800 million to $850 million. It still expects sales growth in constant currency to be roughly in line with the previous financial year - up to 5% higher or lower.

(Reporting by Akriti Sharma in Bengaluru and John Revill in Zurich; Editing by Subhranshu Sahu)

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