Shimano's Sales In The First Three Quarters Of 2020 Fell By 4%

Shimano’s Shimano bicycle business saw sales decline in the first nine months of 2020, but due to more bicycles being used globally during the COVID-19 epidemic, the company has raised its full-year revenue and revenue forecasts.

In the first nine months of 2020, Shimano’s Shimano bicycle sales fell by 3.8%, but the Japanese company managed to increase its operating income by 4.9% during this period.

Shimano’s sales in its bicycle division (77% of its business) totaled 205 billion yen ($1.96 billion) in the first three quarters, down from 213 billion yen in the same period in 2019. The revenue of this department was 44 billion yen, compared with 42 billion yen last year.

Shimano raised his forecast for the entire fiscal year. The company raised its net sales forecast by 5.7% to 363 billion yen. Operating profit was revised up by 21% to 68 billion yen.