OSAKA, Japan (BRAIN)—Shimano’s sales fell to $2.07 billion (186.7 billion Yen) in 2009, down 21 percent from sales of $2.61 billion (235.14 billion Yen) in 2008 and down from its 2007 sales of $2.35 billion (211.77 billion Yen). Especially hard hit was the company’s net income, falling 62 percent to $106.1 million (9.55 billion Yen).
Shimano cites the global recession as responsible for lost sales, and singled out the Japanese economy as being particularly hard hit. Sales of its bicycle division fell 22 percent last year to $1.61 billion (144.69 billion Yen). The impact of the recession on fishing was noticeably less. Fishing sales fell 12 percent to $452.0 million (40.68 billion Yen) last year.
Shimano forecasts its 2010 sales will recover slightly, owing to economic stimulus packages by major countries. It also noted that demand for repair and upgrade parts are increasing as bicycle use grows.
The company estimates its first half 2010 sales will grow to $1.08 billion (97.0 billion Yen) an 8 percent improvement over the first six months of 2009. And increasing sales during the second half of 2010 will hopefully bring this year’s total to $2.28 billion (205.0 billion Yen), ending the year with a 10 percent improvement over 2009. For comparison Shimano’s forecast for 2010 is slightly lower than its 2007 sales.