Shimano credits ‘thriving’ global fishing market for 25% increase in sales
A ‘thriving global fishing market’ has seen tackle sales at Shimano during the first quarter of the financial year soar by more than a quarter compared to the same comparable period.
The Japanese tackle giant, which is celebrating its centenary year, reported a 25.6% increase in net fishing sales to 22,575 million yen and an 102.7% increase in operating income to 4,846 million yen. Overall the group, which also owns a much larger bicycle components business, saw its net sales increase 64% from the same period last year to 126,426 million yen. Operating income increased 157% to 32,571 million yen.
In its report to investors, Shimano said: “Since the previous year, fishing as a leisure activity with a lower risk of COVID-19 infection, has been supported by long-time fishing enthusiasts and also by a new customer base. As a result the fishing tackle market has been thriving on a global scale. Under these conditions in the Japanese market, sales remained favourable, reflecting the warm weather and continued participation in saltwater lure fishing.
“Overseas, the North American market saw a strong demand for mid-range and popular price range products, while in Europe sales demand was favourable with a trend for ordering online increasing in popularity.”
Shimano also reported solid demand for its products in Asia and Australia. New items including its Twin Power SW spinning reel (pictured), Grappler BB light jigging rod and Coltsniper BB shore jigging stick sold well alongside the popular Vanford and Saragosa SW reels.
Looking ahead, Shimano said it expects sales in the first half to reach 237,700 million yen, representing a gain of 48.3%. For the full year, it expects sales of 455,500 million yen, representing a gain of 20.5% Operating income is expected to grow 85.5% to 53,200 million yen in the first half and expand to 105,000 million yen in the full year.