Tumbling bike component sales contributed to another down quarter, with net income falling 24% to ¥30,175 million ($219.7 mm) from ¥39,818 million on 14% lower revenues of ¥137,179 million ($998.6 mm) down from ¥159,639 million. Shimano blamed a late start of spring in Europe and retailer destocking in both Europe and the U.S. for the sagging demand. Gross margin narrowed by 470 basis points to 37.3%, largely due to lower fixed cost absorption from the sales shortfall, as production facilities cut back output. SG&A was 5% higher in yen, and deleveraged ... Log in to view full article.