OSAKA, Japan (BRAIN) — Shimano's overall sales were $1.52 billion (156.3 billion Yen) over the first six months of the year, compared to $1.3 billion (133.1 billion Yen) last year.
Sales of bicycle components are up 19 percent to $1.2 billion (125.7 billion Yen) and are 80 percent of the company's overall business.
Shimano attributed its bike business increase to improving financial conditions in its three major markets — Europe, the United States and Japan. And since inventory levels in these markets were on the low side, supplier orders are strong.
Shimano fishing business is 19 percent of the company's overall business, growing to $296 million (30.404 billion Yen), a 13 percent increase.
In its first quarter report Shimano forecast its sales would be up 9 percent through June, far below the 17 percent increase the company realized. And though Shimano does not see any great improvement in the financial conditions in its major markets, it expects to pick up a larger share of the bike business and is revising its sales forecast for the year upward to $3.01 billion (310.0 billion Yen), a 14 percent increase over its business last year.