OSAKA, Japan (BRAIN) — Shimano’s sales climbed to $2.03 billion (199.501 billion yen) over the first nine months of the year, up from $1.86 billon (182.739 billion yen) over the same period last year. Shimano’s bicycle sales grew 9 percent to $1.62 billion (159.180 billion yen) and represent 80 percent of its overall business.
After many quarters of slow sales growth, Shimano’s fishing sales grew 11 percent to $410 million (40.039 billion yen). Fishing is 20 percent of Shimano’s business.
Shimano’s bicycle sales in its two largest markets, Europe and the U.S., were down compared with last year, which the company attributed to weather and continuing economic challenges in those markets. Strong sales of its new Deore and Altus mountain groups and Ultegra and Claris road groups did not overcome these soft markets.
The company’s sales in the Asia, especially China, continue to grow strongly, and the region was responsible for Shimano’s sales growth this year. In light of strong Asian growth, the company revised its second-quarter forecast of total 2013 sales upward to $2.7 billion (265,000 billion yen).
Going forward Shimano notes high inventories of complete bikes in Europe and the U.S. will slow new sales to those regions, but this is partially offset by growth in sales of repair parts throughout the world, as well as sales growth in Asia.