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OSAKA, Japan Shimano says interest in bicycles globally continues as a long-term trend, but that macro-economic conditions and industry inventory levels contributed to a 17.7% decline in sales in its bike business in the first quarter this year, compared to the same period last year.

Although the strong interest in bicycles cooled down as progress was made toward recovery to pre-COVID-19 day-to-day routines, interest in bicycles continued as a long-term trend.

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Net sales in Shimano’s bike-related business were 204,986 million yen ($1.45 billion) in its first half, which ended June 30. Operating income in the segment decreased 39.5% to 42,093 million yen. On a quarterly basis, second-quarter sales were down 18.6% from the same period last year in the bike division, while operating income in the segment was down 7.5% in the quarter.

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Company-wide, sales decreased $109 million to $693 million, down 14 percent. Organic sales were $611 million, a decline of 24 percent, driven by lower shipments across nearly all categories in the Sporting Products segment and declines in the organic Outdoor Products businesses.

In Outdoor Products, first-quarter sales were $317 million, up from $292 million in the quarter last year. The $317 million included about $82 million in revenue from new acquisitions, so organic sales in Outdoor Products was $235 million. The company acquired Fox Racing and Simms Fishing during its second fiscal quarter of 2023 (roughly the third quarter of calendar 2022), so those brands’ revenues were not included in its Q1 2023 fiscal report.

Vista Outdoor will hold an investor conference call Thursday morning. Earlier this week the company appointed Eric Nyman as the new CEO of the Outdoor Products business; he will lead the spin-off company when the split is completed.