The rapidly strengthening yen against the dollar torpedoed Shimano’s bottom line in the second quarter, with a big swing in foreign exchange resulting in a loss of ¥5,825 million ($40.3 mm) against a ¥20,017 million profit despite 6% higher revenues of ¥123,870 million ($857.3 mm) up from ¥116,330 million. The top line gains mainly came from bicycle components, increasing 8% to ¥93,452 million, while fishing tackle sales grew 2% to ¥30,283 million. Gross margin contracted by 510 basis points to 33.5%, and SG&A was 8% higher, increasing 30 b.p. as a ... Log in to view full article.