Net income was off 22% to ¥11,543 million ($107.3 mm) in the second quarter from ¥14,716 million on a 12% revenue decline to ¥83,335 million ($774.9 mm) down from ¥94,235 million. Gross margin was flat at 38.9%, while SG&A was reduced by 13%, leveraging slightly despite the lower top line. Foreign exchange gains and other comprehensive items sent comprehensive net income up 261% to ¥15,842 million this year from ¥4,394 million in Q2 ‘19. Shimano expects full-year net income of ¥58,300 million (up 13% year-over-year) on revenues of ¥350,000 million (down 4%) in 2020.

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