OSAKA, Japan (BRAIN)—Shimano reported an 11-percent jump in sales in 2008, ending the year with $2.59 billion in net sales, according to Shimano’s 2008 earnings as reported to the Tokyo Stock Exchange.
Net income for 2008 was $277 million, or 25.15 billion yen, an increase of 26.4 percent over 2007.
As of Aug. 12, 2008, the company was projecting 10 percent sales growth and a 23.2 percent increase in net income for the full year.
Bicycle components racked up $2.04 billion (185.99 billion yen) in sales in 2008, up from $1.73 billion the year before. The majority of the remaining sales came from Shimano’s fishing segment.
Even with a profitable year on the books, Shimano is projecting that full-year sales will drop in 2009. The components giant is assuming a 12.8 percent decrease in net sales—from 235.14 billion yen in 2008 to 205 billion yen this year. Additionally, Shimano projects that net income will fall 20.5 percent.
All dollar amounts are based on the exchange rate as of Dec. 31, 2008: 90.78 yen to $1.
—Nicole Formosa
