Shimano reports 6% sales rise despite US-China trade war and Brexit fears
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Against a backdrop of what it described as intensifying trade friction between the US and China, plus the Brexit problem in the UK, Shimano recorded a net sales increase across the group of 6.1% for the first nine months of the year.
At yesterday’s third quarter results presentation, it told investors that its fishing division recorded a 5.4% increase in sales to 56,613m yen compared to the previous year and an operating income increase of 22.9% to 8,389m yen.
In its home market of Japan, the group said that the impact of natural disasters was not as large as in previous years. As a result, fishing division revenue increased compared to the first nine months of 2018 as sales of high price reels, including new products, remained ‘robust’, while rods and lure-related products were also well received.
Overseas sales exceeded the previous year’s level owing to the strong performance of 2019 new additions that included the ICAST award-winning SLX DC and Stradic reels. It added that North American sales remained solid.
European sales were described as sluggish on the continent, but– despite Brexit fears – the UK remained on a ‘recovery track’.
Elsewhere, Asia sales were bolstered by a strong performance in China, but stuttered in Australia as the demand for swordfish tackle and other large species-related products stagnated.
Shimano’s much larger bicycle components sector reported a 6.3% increase in sales compared to the previous year to 212,640m yen.