OSAKA, Japan — Shimano sales in its bike division were up 76.3% in the first quarter, compared to the same period last year; operating income in the division was up 170%.

“Amid another wave of COVID-19 infections, global demand for bicycles continuing from the previous year remained at a high level,” the company said.

It said bicycle product sales were robust in Europe and North America, and supply was unable to meet demand.

“As a result, trends of shortages in market inventories persisted in each country,” Shimano said.

Net sales for the quarter were 103,757 million yen ($952 million) in the bike division, and operating income was 27,730 million yen.

Sales in Shimano’s fishing division were up 26% to 22,575 million yen and sales in its other businesses were up 24%, to 93 million yen. Overall, the company saw a 64% increase in sales in the quarter and a 157% increase in operating income.

Shimano did not revise its forecasts for the first half and full fiscal year in terms of operating income but did revise its ordinary income up 8% because of the depreciation of Asian currencies in the first quarter. Its ordinary income forecast for the full year 2021 is now 109,500 million yen on sales of 455,500 million yen, compared to the 2020 actuals of 81,471 million yen of ordinary income on sales of 378,040 million yen in net sales.

Read the financial release

Source: Bicycle Retailer