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Article Date: April 2024
Word Count: 297

Shimano Sales Down 20% in First Quarter

Net income attributable to shareholders at the Japanese bike and fishing equipment maker was up 17% to ¥23,687 million ($156.6 mm) in the first quarter from ¥20,203 million, despite revenues that declined 20% to ¥100,557 million ($664.6 mm) from ¥126,071 million. Both bike component and fishing equipment sales dropped due to the stagnant global economic recovery. Gross margin was 270 basis points lower at 38.8%, while SG&A inched up 5% in yen, but deleveraged 620 b.p. on the tumbling top line.


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