Comprehensive net income slipped 79% to ¥1,091 million ($10.1 mm) from ¥5,288 million in the first quarter, pulled down by foreign currency translation adjustments, on 7% higher sales at ¥85,236 million ($786.6 mm) vs. ¥79,921 million. Excluding comprehensive items, net income increased 13% to ¥10,793 million ($99.6 mm) from ¥9,537 million. Gross margin contracted 100 basis points to 40.6%. The weakening U.S. dollar led Shimano to cut its full-year earnings guidance to ¥46,000 million from ¥47,200 million, but it maintained its top line expectation for ¥350,000 million in sales.

Fishing tackle sales surged 13% to ¥17,151 million ($158.3 mm) in the quarter ... Log in to view full article.