On the back of strong performance in bicycle component sales, Japan’s Shimano saw first quarter 2008 consolidated sales reached Yen 55,586 million (€329 million) up 15.9% year on year. Medium and high grade component sales for mountain and road bikes grew in Europe and other markets. As a result, Shimano’s bicycle components division saw a revenue gain of 21.9% to Yen 43,273 million (€256 million); meanwhile operating income jumped 30%.
In recognition of challenging economic conditions worldwide, Shimano forecasts more cautious rates of growth for the full financial year. However, the company expects to remain in growth for both net sales and operating income.
