Shimano first-quarter sales down 20% from last year

April 23, 2024

Shimano is reporting that its first quarter sales were 100,557 million yen ($650 million), down 20.2% from the same quarter last year. In the company’s bicycle division, sales were down 22.6% to 76,090 million yen. Company-wide, ordinary income was up 0.9% from the first quarter of last year.

Shimano did not adjust its forecast for revenues in the first half or full-year, but is calling for a 7.2% increase in non-operating income over the previous forecast due to the depreciation of of Asian currencies relative to the U.S. dollar. The full-year net sales forecast of 420,000 million yen remains 11.4% below 2023’s sales result. Bicycle Retailer