OSAKA, Japan (BRAIN) — Shimano pocketed an extra $518.7 million last year as sales hit $2.8 billion (333.168 billion yen), with most of the increase coming from the company's cycling division.
Sales of bike components rose 26 percent to $2.3 billion (273.955 billion yen) as the company picked up market share from its competitors, according to the company's summary of its annual financial results. Shimano attributed some of its sales success to the depreciation of the yen that makes its components more affordable. It also introduced many new component groups last year, especially at lower price levels like Alivio, Tourney TX and 105.
Disc brakes for road bikes and XTR also saw strong sales for the company. And the company noted this sales success came despite harsh winter conditions in the U.S. and Japan last year.
Shimano's fishing division grew 10 percent, and its other business divisions grew by 3 percent. Cycling products now represent 82 percent of Shimano's overall business.
While the company expects the Greek crisis and Russia's conflict in Ukraine to affect the European market, and China's slowing economy to hamper consumption there, it still forecasts a 7 percent sales increase this year to $3 billion (355 billion yen).
