Shimano’s Sales Tumble 20 Percent In Nine Months On Cycling Weakness
October 24, 2023
Shimano Inc.’s sales tumbled 19.8 percent in the nine months as sales in its Bicycle Components segment dropped 24.8 percent with the decline tied to high inventories in the IBD channel. The Japanese-based company nonetheless slightly raised its outlook for the year as orders in the back half weren’t as soft as expected.
Sales in the nine months declined to ¥375,264 million ($2.5 bn) from ¥467,665 million a year ago. Operating income decreased 43.0 percent to ¥72,086 million ($481 mm) and net income fell 47.0 percent to ¥60,169 million ($401 mm). SGB Media