Shimano Corp. said consolidated net sales increased 15.9% in its first half ended June 30 to �104.4 billion ($1.14 bb). Consolidated net operating income doubled to �17.9 billion ($195.8 mm) and ordinary income rose 58% to �14.4 billion ($157.5 mm). Net income increased 46% to �9.6 billion ($105.0 mm).
Sales at the company�â¬ï¿½s Bicycle Components business rose 19.8% from the same period last year to �81.6 billion ($892.7 mm), while operating income rose 91.8% to �52.0 billion ($568 mm). After a slow start in January and February because of unusually harsh winter weather in the northern Hemisphere, sales recovered and continued to be upbeat thanks to good weather in most of Europe and North America. OEM shipments exceeded Shimano�â¬ï¿½s plans as worldwide distribution inventories of bicycles returned to nearly normal levels.
The company reported brisk orders for its new 105 series for road bike components and Deore XT and SLX for mountain bike components.
Sales in Shimano�â¬ï¿½s Fishing Tackle segment increase 4.4% to �22.3 million with operating income of �1.4 million, up 168.8%.
Sales in Shimano�â¬ï¿½s Fishing Tackle segment increase 4.4% to �22.3 million with operating income of �1.4 million, up 168.8%.
Sales in Japan were driven by 2010 models of the STELLA flagship spinning reel series, which were remodeled for the first time in three years, and a mobile phone sized personal fish detector equipped with a camera called the Tankenmaru MINI. Shimano said the device is the latest addition to its Tankenmaru CV personal fish detector system which is becoming popular with anglers in Japan and driving increased sales of fishing tackle.
In North American sales grew with the recovery, but the company said there �â¬ï¿½is growing concern�â¬ï¿½ that the Gulf oil spill could impact the fishing tackle industry.
The company's revised 2010 forecast calls for net sales of �208 billion, operating income of �32 billion, ordinary income of �29 billion and net income of �20 billion.
