Shimano Slashes Guidance on Falling Bike Component Demand
The Japanese bike and fishing equipment maker said that persistently high market inventories are resulting in lower orders from customers, leading it to cut full-year revenue guidance to ¥460,000 million ($3,475 mm) from its earlier expectation for ¥500,000 million in sales. Revenues in 2022 hit a record ¥628,909 million. The bottom line is now expected to come in at ¥69,500 million for the year, down from ¥86,500 prior guidance and well below last year’s ¥128,178 million profit. Most of the downside will come in the second half, and H1 sales guidance ... Log in to view full article.