Financial report: Shimano continues to benefit from ‘thriving’ fishing markets

Despite signs of a lull in the fishing boom in its domestic market, Japanese tackle giant Shimano continues to benefit from a thriving situation across other regions of the world.

In the first nine months of its financial year so far, its fishing business reported a net sales increase of 27.3% compared to the same period of the previous year to 75,850 million yen, and an operating increase of 67.6% to 17,198 million yen.

In its report to investors issued this week, Shimano said: “As vaccinations to prevent the spread of COVID-19 have progressed worldwide, people’s lives are gradually returning to normal. In the midst of this trend, fishing remained popular and the sector continued to thrive. In the Japanese market, although there were signs of a lull in the fishing boom and impacts from the declaration of a state of emergency and heavy rain, sales remained robust, supported by favourable performance of reels, rods and lure-related products in the mid-to-popular price ranges.”

It added that the thriving North American market showed no signs of slowing down. “In Europe, while there were restrictions on movements in some countries in the shape of lockdowns, sales remained solid, supported by progress in online sales in addition to over-the-counter sales in regions where vaccinations were widespread.”

The Asian and Australian markets also reported favourable sales supported by strong demand.

Shimano said that its new launches, including the Vanford, Stradic and Curado reels and SLX rods, were ‘well received’.

As a group Shimano reported net sales up 49.6% on the previous year to 395,187 million yen. As a result of this it has upgraded its forecast for the year-end with net sales predicted to come in at 515,000 million yen instead of 500,000 million yen.