Reporting on its first quarter 2011 sales, Shimano noted the impact of the devastating Japan earthquake and tsunami.
Shimano Group sales in the first quarter sales increased 1.3% year on year to ¥50.9 billion (US$620 million / €425 million at current exchange rates). The company’s bicycle component division saw net sales rise 2.2% to reach ¥40.8 billion (US$500 million / €340 million).
In its notes to the company’s Q1 2011 results, Shimano stated: ‘In Japan, while companies reliant on exports continued to face challenges, notably the rapid movement of foreign currency exchange rates, the recovery of the Japanese economy had been gaining traction thanks to the government’s economic stimulus package and the rising tide of demand in emerging economies centering on Asia. However, the Great East Japan Earthquake that occurred on March 11 dealt a heavy blow to prospects for the Japanese economy.
Shimano has clearly witnessed at first hand the devastation caused by the Japan earthquake and tsunami. In response to the tragedy the company responded swiftly:
‘First of all, we express our heartfelt sympathy to people affected by the devastating earthquake and sincerely hope for safety and swift recovery of the people and area affected. We have decided to commit ¥100 million monetary contributions and in-kind donations of ¥30 million worth of winter clothes for fishing and underwear to support earthquake victims in Japan.’
