Shimano warns of cooling tackle sales this year

Shimano says that demand for fishing tackle remained firm last year but warned it is showing signs of cooling down in 2023.

Reporting an 8.4% increase in tackle sales for the year ended December 31st, 2022 compared to 110,933 million yen from the previous year, the Japanese tackle giant said the result was achieved against a backdrop of global economic uncertainty.

It told investors: “While restrictions on activities to tackle the spread of COVID were eased, the outlook for the global economy remained uncertain due to soaring resource and commodity prices caused by the prolonged situation in Ukraine and monetary tightening measures aimed at curbing inflation by central banks in various countries.”

It is predicting that sales will drop 20.5% from 2022 to 500,000m yen this year.

In its domestic market, Shimano said sales of mid-to-high priced products remained strong last year as fishing styles diversified, but sales of popular priced products for families and beginners slowed down.

Demand for fishing tackle in the North American market showed signs of cooling, but demand for saltwater products remained firm and sales stayed strong.

High inflation and other factors caused a sense of stagnation in the UK, while in the southern and eastern regions of Europe, sales remained strong.

The company reported market growth fuelled by ‘robust’ demand for fishing tackle in Asia. Following the relaxation of its stringent lockdown measures, sales in China also experienced vigourous movements in demand.

Despite unfavourable weather conditions, sales in Australia remained strong and sales firm.

Shimano hailed the sales performance of the new Miravel (main picture) alongside fellow spinning reels Stella and Ultegra XTE and its Beastmaster MD electric reel.

On a group-wide basis, annual net sales increased 15.1% from the previous year to 628,909m yen. Operating income rose 14.1%% to 169,158m yen.