Osaka, Japan – Shimano has announced its financial results for the first three months of 2019 showing that net sales for the whole company increased 2.9% from the same period of the previous year to 87,714 million yen. Operating income decreased 3.8% to 16,285 million yen, while ordinary income decreased 6.7% to 14,421 million yen.
Net sales from the bicycle segment of the company increased 2.4% from the same period of the previous year to 69,603 million yen, while operating income decreased 5.6% to 13,926 million yen.
A statement issued by Shimano noted that: “In Europe, retail sales of completed bicycles, mainly sport E-BIKE, remained solid in continuation from the previous year, and distributor inventories of bicycles in Europe remained at an appropriate level.
In North America, although total retail unit sales of completed bicycles were sluggish, the sales amount remained at the same level as the previous year due to relatively strong sales of high-end bicycles. Distributor inventories remained at an appropriate level.
In China, retail sales of completed bicycles showed no signs of recovery, and retail sales of low-end and middle-range bicycles continued to be sluggish. Meanwhile, distributor inventories remained at an appropriate level.
With regard to the other emerging markets, retail sales in Southeast Asia continued to lack vigor. Meanwhile, in South America, while retail sales in the Brazilian market continued to recover, the Argentine market remained stagnant due to the effects of currency depreciation. Distributor inventories remained at an appropriate level except for the Argentine market.
In the Japanese market, despite good weather conditions, sales of high-end sports bicycles were sluggish. Meanwhile, as the shift to sports-type cross bike and e-bikes for commuting to work and school further progressed, unit sales decreased, but sales unit prices increased. Distributor inventories were slightly high.”