OSAKA, Japan (BRAIN) — Shimano Inc.'s bike-related sales were up 17.2% in the first half of the year compared to the same period last year, while the company's operating income in its bike segment increased 20.2%.
First-half sales in the bike division were 249,203 million yen ($1.8 billion).
In its first half financial report Tuesday, the company said:
Although strong interest in bicycles that attracted attention globally started to cool down, demand for bicycles remained above the pre-COVID-19 levels. In terms of market inventories of completed bicycles, those of high-end class bicycles remained at a low level, as strong demand continued. Meanwhile, those of entry-class bicycles were at a high level as their supply caught up with the demand.
Overseas, in the European market, sales of bicycles and bicycle-related products remained firm backed by demand for e-bikes that remained strong. Market inventories of completed bicycles approached appropriate levels as demand in some regions showed signs of cooling down.
In the North American market, while demand for high-end class completed bicycles remained firm and market inventories remained at a low level, demand for middle-class bicycles showed signs of cooling down. In the Asian and South and Central American markets, strong interest in bicycles cooled off. In the Japanese market, while demand for sport bikes and E-BIKE remained firm, retail sales were sluggish due partly to the inventory shortages of entry-class road bikes.
In Shimano's other major segment, fishing, net sales increased 4.5% from the same period of the previous year while fisghing operating income decreased 5.8%. Company-wide, net sales increased 14.7% from the same period of the previous year to 303,686 million yen. Operating income increased 15.7% to 80,909 million yen, ordinary income increased 24.7% to 92,123 million yen, and net income increased 22.4% to 68,558 million yen.
Starting with the second fiscal quarter, Shimano did not include financials from Pearl Izumi, which the company sold in May to United Sports Brands.
