OSAKA, Japan (BRAIN) — Shimano is reporting that sales in its bike division were up 6.3% in the first three quarters of this year, compared to the same period last year. In the bike division, sales totaled 212,640 million yen ($1.95 billion) for the nine-month period. Operating income increased 2.5% to 42,066 million yen.
The company noted that in North America total bike unit sales slightly decreased over the period, but that average sales prices increased so the North American sales total was at the same level. North American "distributor inventories remained at an appropriate level," the company said.
It said European sales were steady, a downward trend in China has begun to slow, and in South America, the Brazilian market saw sluggish retail sales, and the Argentine market remained stagnant due to the effects of currency depreciation. It said sales of sports bikes in Japan were sluggish but sales of sports cross bikes and e-bikes are progressing there.
Sales in Shimano's fishing division were up 5.4% from the same period of the previous year to 56,613 million yen, and operating income increased 22.9%, to 8,389 million yen in fishing.
Across all its divisions net sales increased 6.1% in the period to 269,523 million yen. Operating income increased 5.4% to 50,394 million yen.
Shimano left unchanged its forecast for sales for the full fiscal year, but increased its forecast for ordinary income by 6.5% because of a depreciation in Asian currencies, and the posting of extraordinary income associated with the return of public land at Shimano's China plant.
Shimano's stock opened at $152.25 per share Tuesday, up 5.2% from its close Monday.
