As it predicted in its 2022 Q4 results published in February, Shimano has seen its sales "remain weak" in the first quarter of the 2023 financial year, resulting in a fall in global revenue compared to the same period last year.
The Japanese brand, whose markets primarily include cycling and fishing, revealed that its revenue from bicycle components fell 16.8% in the period January to March, dropping to 98.3 billion yen (£591m) from 118 billion yen (£710m) in the same period in 2022.
