Shimano's Q1 bike sales down 18%

OSAKA, Japan (BRAIN) — Shimano, whose overall sales fell 19 percent during the first quarter, reports that its bike business—78 percent of its total sales—fell 18 percent to $373 million (JPY 35.3 billion) from $456 million (JPY 43.3 billion) last year.

Sales in its other two divisions also were down. Shimano’s fishing business, 21 percent of its overall sales, fell 17 percent to $100 million (JPY 9.5 billion). Its other businesses including auto parts, 1 percent of overall sales, fell 70 percent to $28 million.

As mentioned in a previous report, Shimano revised its first six-month forecast down 21 percent, expecting its sales to be harder hit during the second quarter then the first quarter.

—Matt Wiebe