Following its recent forecast of sharp declines, Shimano has seen sales slip in its Q1 financial report.
According to this article in Bicycle Retailer, the manufacturer increased net profit by three per cent in the first quarter despite the dip in sales.
Sales fell to $469 million for Shimano, which also saw operating profit plummet 41 per cent to $53 million. ‘Ordinary profit’ fell ten per cent to $74 million.
Shimano is expecting the economic climate to continue to take its toll on results and has forecast a drop in net profit across 2009, to $78 million from last year’s $130 million.