Shimano Q1 sales flat but operating income down sharply in its bike division

April 23, 2026

Sales in Shimano’s bike division were down 0.7% in in the first quarter, but operating  earnings in the business unit plummeted 46% in the quarter.

Sales of bike products in the quarter were 87.4 billion yen ($545.2 million) while operating income was 7.8 billion yen in that business.

The decline in operating income was partly due to a one-time 2.5 billion yen inventory valuation in the first quarter of 2025, the impact of foreign exchange rates, and an increase in SG&A (Selling, General, and Administrative) costs.

“(I)n the European market, retail sales of completed bicycles were somewhat weak with the onset of the winter off-peak season, and market inventories remained at a somewhat high level,” Shimano said. Bicycle Retailer