Shimano has released its first quarter summary, which shows a net sales decrease of 16.2% from the same period last year.
Pointing to sluggish cycling sales in Japan and South America, the firm’s operating income decreased 30.7% to 16,080 million yen, ordinary income decreased 61.5% to 10,472 million yen, and net income attributable to owners of parent decreased 68.9% to 6,355 million yen.
Though net sales achieved a previously set target, the cycling segment decreased 20.3% from the same period of the previous year to 65,282 million yen, and operating income decreased 34.4% to 14,458 million yen.
The components giant has now revised its 2016 forecast on the back of the impact of the dollar’s depreciation thus far. Shimano now expects 2016 net sales to be worth 378,645 million Yen in 2016.
The summary is viewable in full here.