Shimano reports that its net sales grew by 10.2 percent in fiscal year 2013, to 271,037 million yen. Operating income increased two percent to 41,775 million yen, ordinary income increased 20.3 percent to 47,549 million yen, and net income increased 27.7 percent to 35,088 million yen.
The Japanese company said that in Europe, IBD sales were hampered by unsettled weather in the first half and could not fully recover from the weak performance even though the weather was good in July and August.
"In North America too, many regions experienced poor weather at the beginning of 2013. Although the North American market shifted to a recovery track from May onward, the recovery lacked vigour," said a company statement.
In Japan, retail sales were affected by the harsh winter weather and "remained lacklustre."
Sales of sports bicycles continued to grow strongly, particularly in China, said Shimano.
"Distributor inventories of finished bicycles in Europe and North America were somewhat high but remained in an appropriate range. On the other hand, demand for repair parts grew strongly in virtually every market, including the regions that experienced poor weather, reflecting enthusiasm for cycling worldwide."
Sales of new products, including Deore and Altus MTB components and Ultegra and Claris road bike components, were "buoyant."
"In addition, owing to the high popularity of Shimano products in Europe and North America and depreciation of the yen, segment sales fulfilled the forecast. As a result, sales from this segment increased 9.6 percent from the previous year to 217,263 million yen, and operating income increased 1.3 percent to 39,505 million yen."