OSAKA, Japan (BRAIN)—In spite of an unseasonably cold and wet January and February, Shimano’s sales increased by $164.4 million to $1.2 billion through June, beating its own forecast.
Shimano’s bicycle business, which was up 20 percent compared with the first six months of 2009, is the main driver of the company’s sales growth, according to its first-half financial report. Shimano sold $936 million in bike parts during the first six months of the year compared to $781 million over the first half of 2009. The company’s fishing business grew a modest 4 percent, and its other businesses decreased 13 percent over the same period.
The company attributes its bicycle sales growth to business done from March to June⎯mostly replenishing inventory that had been drawn down. It also reported that its new 105, Deore XT and SLX component groups sold well.
While Shimano officials said economic recovery in major markets such as Europe, North America and Japan is unpredictable and unemployment will remain high, the company has increased its 2010 sales forecast to $2.4 billion.