Shimano reports 8% growth in fishing sales for 2018
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Fishing sales at Shimano rose 8% during 2018 as the group reported robust performances of lure-related products in Japan and the new Curado DC baitcasting reel overseas.
The Japanese manufacturer of bicycle components and fishing tackle reported a 3.6% increase in sales of 348,035m yen overall compared to the previous year. The contribution from its angling arm was 70,436m yen.
Reporting lacklustre sales in its domestic market following a series of natural disasters, Shimano said that sales in North America remained robust, supported by the expanding economy. This performance was achieved despite the hurricane which hit the east coast.
In Europe inventory levels in the UK, one of its major markets, remained high, but are showing signs of adjustment to an appropriate level.
Shimano added that sales in Australia remained strong and that markets in China, South Korea and Southeast Asia witnessed a robust performance thanks to the growing popularity of sports fishing.
For the current year Shimano is predicting a 4.9% growth in group sales – and a bullish 19.6% increase in fishing-related products – despite the uncertainties in Europe caused by the ‘turmoil’ of the Brexit negotiations and rising instability in Italy, coupled with global concern over the impact of the US-China trade issues on the economy.