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Bicycle sales drop forces Shimano to lower 2016 forecast

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Shimano has reported a 0.8% decrease in fishing tackle sales over the first nine months of the year.

Shimano has downgraded its sales and earnings forecast for the year following an 18.6% drop in bicycle component sales and a flat performance from its fishing tackle arm.

The company reported group net sales of 166,428 billion yen for the first half of the year – compared to 196,585 billion yen during the same period in 2015 – a 15.3% drop.

Sales from its bicycle components division fell to 132,630 billion yen, while its much smaller fishing tackle operation saw its sales increase marginally by 0.6% from the previous year to 33.601 billion yen.

Reporting on its fishing operations, Shimano says that the season in Japan got off to a ‘flying’ start thanks to stable weather from the beginning of the year. “Despite the temporary negative impact of the earthquake in Kumamoto in April on the fishing environment and the consumption trend, sales in Japan exceeded the level of last year,” the company reported.

Overseas sales in Asia remained robust, led by South Korea and Taiwan in the east Asian market. It added that the performance in North America, Europe and Australia did not fully recover from the dip in the first quarter.

Shimano added that during the first half of the year concerns about the effect of the UK’s Brexit vote and frequent terrorist attacks resulted in greater uncertainty concerning the outlook for Europe. In the US, it said that while the pace of improvement in the labour market slowed, business sentiment showed signs of improvement as weak oil prices and the strong dollar – a drag on corporate earnings – moderated.

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