OSAKA, Japan (BRAIN) — Unfavorable weather in Europe and North America was countered by strong sales in China and a growing service parts business in all markets to drive Shimano’s sales 10 percent higher in 2013 to $2.68 billion (271.037 billion yen).
Shimano’s bike sales grew 10 percent to $2.15 billion (217.26 billion yen), 80 percent of its total business. The company said the declining value of the yen, which fell 18 percent last year, also contributed to the bike division’s strong performance.
Sales of Shimano’s fishing products, driven by new products, grew 13 percent to $527.2 million (53.5 billion yen). The company’s cash on hand climbed 36 percent to $1.27 billion (128.8 billion yen).
Sales into North America showed the largest regional gain, up 13 percent, even though the company noted that high inventory levels of bikes at distributors suggested sales were slower than suppliers anticipated. Sales into Asia were up 12 percent, and sales into Europe and Japan were up 10 percent and 7 percent, respectively.
Shimano is forecasting 3 percent more business this year, estimating its sales will hit $2.76 billion (280 billion yen).