Shimano has carried on its strong form, citing growth in electric and Deore XT level gear as a driver for a third consecutive quarter of double digit growth.
The business’s operating income increased some 35.7 per cent to €491m, while net income jumped by an unbelievable 86.7 per cent to €489m.
In a statement, the firm said "Demand in Europe and North America was little affected by the weather. In Europe, although sales volume has been running at a somewhat lower level than during the previous year when sales were brisk thanks to good weather, retail sales have been strong with brisk sales of high-end models centering on EBike.
"Both in Europe and North America, distributor inventories have remained virtually at the appropriate level. In Japan, whereas retail sales of sports bicycles continued to be robust, retail sales of community bicycles have been weak, greatly affected by the impact of price increases resulting from the depreciation of the yen, and distributor inventories of community bicycles remained somewhat high.
"Retail sales of sports bicycles in China have been below the previous year’s level, reflecting the economic slowdown. On the other hand, growth of sales of sports bicycles in other promising emerging markets, namely Southeast Asia and South America, has continued to be relatively robust. In these market conditions, full model changes of Deore XT and Acera mountain bike components and Tiagra road bike components, which were launched during the first half, were well received and ordertaking remained brisk. As a result, net sales from this segment increased 21.0% from the same period of the previous year to 237,738 million yen, and operating income increased 37.0% to 61,233 million yen."
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