Shimano Corp. reported net sales declined 15.7 percent through the first nine months of the year, due largely to continued high inventories at bicycle distributors in Europe, North America and China.
The company said that while sales reached expected levels at both its Bicycle Components and Fishing Tackle segments, that was not enough to offset declines in the first half of the year.
Net sales reached ¥241.7 billion for the nine months ended September 30, compared with ¥286.8 billion in the comparable period of 2015. Operating income decreased 25.5 percent to ¥48.5 billion, ordinary income decreased 40.7 percent to ¥49.8 billion and net income attributable to owners of parent decreased 43.1 percent to ¥36.8 billion.
Net sales at the company’s Bicycle Components segment decreased 18.8 percent from the same period of the previous year to ¥192.9 billion, and operating income decreased 29.4 percent to ¥43.2 billion.
At the Fishing Tackle segment, net sales decreased 0.8 percent from the same period of the previous year to ¥48.4 billion, and operating income increased 35.2 percent to ¥5.4 billion.
Shimano left its July 26 forecast for full-year consolidated results unchanged.
Photo courtesy Shimano