Shimano reports ‘weak’ demand for fishing tackle in first half of 2024

Demand for fishing tackle and bicycles continued to be weak in the first half of the financial year as Japanese giant Shimano reported a 17.6% decrease in group sales.

The larger bike components business saw its sales dip 20% to 162,594 million yen while the fishing division was down 6.8% to 54,069m, with the latter reporting operating income dropping 43% to 6,651m. Reporting to investors, Shimano said: “As demand for fishing tackle that had been overly strong globally cooled down, sales remained weak. However, adjustments to market inventories started to show signs of progress.”

The group reported ‘lacklustre’ sales in its domestic market due to an ongoing adjustment of market inventories. In North America, it reported firm demand for saltwater tackle. “Backed by favourable weather conditions, sales were favourable and market inventories trended towards an appropriate level,” it reported.

Market inventories dominated in Europe and Asia, where they were high in the latter and sales were weak to due a cooling down of consumer confidence because of a stagnant economy.

The Australian market delivered strong sales thanks to a period of stable weather and inventories remaining at an appropriate level.

Shimano added that order taking was brisk for its new Metanium DC baitcasting and Twinpower spinning reels and Poison Adrena rods.