Shimano US sales 'remain weak' as global revenue falls in the first quarter of 2023

Operating income fell by almost a third at Japanese component giant in the first quarter of 2023

Shimano neutral service car
(Image credit: Getty Images)

Japanese component manufacturer Shimano has said its sales in the US cycling market "remain weak" as it saw global revenue fall in the first quarter of 2023 compared to the same period last year. 

Published on Tuesday, the Japanese componentry giant's latest finance report revealed that its revenue from bicycle components fell 16.8% in the three months to the end of March compared with the same period of 2022. First quarter bicycle revenue totalled 98 billion yen (£591m), down from 118 billion yen (£710m).

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Adam Becket
News editor

Adam is Cycling Weekly’s news editor – his greatest love is road racing but as long as he is cycling on tarmac, he's happy. Before joining Cycling Weekly he spent two years writing for Procycling, where he interviewed riders and wrote about racing. He's usually out and about on the roads of Bristol and its surrounds. Before cycling took over his professional life, he covered ecclesiastical matters at the world’s largest Anglican newspaper and politics at Business Insider. Don't ask how that is related to cycling.