TOKYO (BRAIN) — Sales in Shimano's bicycle division were up 54% in the first three quarters of the company's fiscal year, compared to the same period last year.
"Strong demand for bicycles remained at high levels in all markets, against a backdrop of the global cycling boom, triggered by the spread of COVID-19," the company said.
Sales in the period that ended Sep. 30 totaled 319,007 million yen ($2.8 billion), while operating income increased 103.4% to 89,764 million yen.
Shimano said it increased production during the period and that its new 12-speed Dura-Ace and Ultegra groups "were enormously well-received by customers."
Sales in Shimano's fishing division were up 28% in the period. Company-wide, net sales increased 49.6% from the same period of the previous year to 395,187 million yen. Operating income increased 97% to 106,973 million yen, ordinary income increased 93.8% to 113,724 million yen, and net income increased 82.1% to 86,024 million yen.
Shimano revised its full fiscal year forecasts, now calling for full-year sales of 515,000 million yen, up 3% from the previous forecast. It revised up its operating income forecast by 8.8%, to 135,500 million yen.
