Shimano adds its concerns over Russian sanctions
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Shimano, which has seen its fishing sales for the third quarter rise by 10.6% compared to 2013, has joined Rapala in voicing concerns over the effects of sanctions on Russia to its business.
Less than a week after the Finnish lure giant warned that the political turbulence in the region could have repercussions across Europe, Shimano said that the possibility of prolonged restrictions on Russia remains a concern for the group.
Overall the Japanese fishing tackle and bicycle manufacturer saw its sales increase 20.8% to 241,012 million yen in 2014 compared to the previous period last year.
In its home market of Japan, Shimano said the retail environment was ‘challenging’. Unsettled weather throughout the country, including heavy rainfall in July and a typhoon in August, caused flooding and other damage which resulted in fewer fishing opportunities for anglers. In addition the company reported that rising prices, especially a hike in the cost of petrol, had encouraged frugality among consumers and caused sales to stall.
Despite that, it still recorded a rise in sales thanks to better weather in September and a ‘very positive reception’ to its new products, including the new Stella reels.
Overseas, it said business remained generally ‘robust’, benefiting from a weakening of the yen. It described sales in Europe and Oceania as brisk, adding that its performance in Asia was also strong despite a slowdown in economic growth.
For the rest of the financial year Shimano said it expected the improvement to continue. ”Exports are likely to increase moderately against a backdrop of a recovery in overseas economies and further depreciation of the yen.”
In Japan it is more wary. It warned: “The impact of the consumption tax has been protracted and the economy is expected to remain rather ‘bearish’.”
• Shimano American Corp has revealed its new look website with a renewed emphasis on product information. “This is a huge upgrade to let anglers learn everything and anything about Shimano tackle and gear,” said Robert Armstrong, a member of the Shimano online team. “In all our talks with anglers over the past year at tournaments, fishing shows and tackle dealer events, the overwhelming request was to provide every available detail and specifications possible on our rods, reels and other gear.” See the upgraded side at: http://fish.shimano.com