OSAKA, Japan (BRAIN) — Shimano says stable weather in Europe and growth in sporty e-bikes helped its bike-related sales grow 2.2 percent over the first three quarters this year, while operating income in the segment decreased 0.1 percent.
"In Europe, with the stable weather continuing through the summer season, retail sales of completed bicycles, mainly sport e-bikes, stayed robust and distributor inventories of bicycles remained at a slightly lower level, though they were in an appropriate range. In North America, retail sales of completed bicycles were on par with an average year, and distributor inventories remained at an appropriate level," the company said.
It noted that bikes sales in China remained "feeble" but that the bike share market has stabilized, helping bring distributor inventories to appropriate levels there. In Japan, sales of traditional bikes have been sluggish but e-bike sales increased, Shimano stated. The company also said its revised 105 Series road group has been well received.
Bike-related sales in the three quarters totaled 199,961 million yen ($1.78 billion).
In fishing, Shimano's other major product segment, sales were up 7.3 percent from the same period in 2017, to 53,699 million yen. Operating income in that segment increased 24.7 percent.
Shimano revised its forecast for full fiscal year net sales down 1.4 percent, from 350 billion yen to 345 billion yen. Forecast operating income for the year was revised down 3.7 percent. The company said the revision was due to the weakness of the major Asian currencies relative to the U.S. dollar, as well as lack of supply of some unspecified products for which it has received favorable orders. There has been some speculation that March's fire in a finishing plant in Osaka has led to delays in delivering some new high-end bike components. Shimano has said the fire cost it 2.1 billion yen, or about $19 million.
