Giant Group the world's largest bicycle designer and manufacturer reported sales are up 14 per cent in the first three quarters of 2022 compared with last year.
Despite citing challenges such as an increase in the cost of raw materials, logistics and labour, Giant was aided by the strength of the US dollar, Bicycle Retailer reports, leading to net income pre-tax growth of 9.9 per cent in its latest financial results.
Net income after tax is reported to have grown 16.5 per cent to NT$5.63 billion (New Taiwan dollar), with earnings per share at NT$15.01.
> Giant launches "fastest ever" Propel aero road bike range
Giant suggested there is still a shortage in performance-level products, but said in general inventories are improving across Europe and North America.
Addressing concerns the demand for bicycles might have slowed since the pandemic, Giant admitted "[market demand] has cooled down compared to the past two years" but the company "sees the great potentials for the cycling industry" as world governments prioritise environmental and health-focused policies.
At the end of October, Shimano — the world's biggest manufacturer of bicycle components — reported its summary of financial results for the same period Giant did above and similarly saw healthy increased sales despite demand "showing signs of cooling down".
Shimano said: "During the first nine months of fiscal year 2022, the pace of global economic recovery slowed primarily because prices soared due to resource and energy supply constraints and rising resource prices caused by the situation in Ukraine, and central banks in various countries took steps to raise interest rates sharply to curb accelerating inflation."
Lifting of Covid restrictions in Japan and "a solid employment environment and rising wages" in the US had led to increased personal spending and steady personal consumption in the two countries respectively.
Net sales in the bicycle division are up 20.6 per cent on the first nine months of 2021, totalling 384,654 million yen.
Quick note to say I have the On and On in a 2x and its an amazing bicycle. As of at least 2023 2x has been an option....
War on cyclists....
Don't cars already take up the majority of roads? What about motorways? Drivers should stick to those.
You need to re-read the appeal judgement my friend. The appeal judges are clear that the video does not show an assault. A lot of people have made...
The usual short-termism so prevalent in UK politics: a barrage would produce the power of three nuclear power stations but cost about the price of...
Sounds like a bit of undeclared interest showing itself there which explains your aggression and desperate need to manufacture an excuse for Halfords.
My cleaning go-to is old t-shirts. I've got mixed feelings about the fluff of microfibre towel; tea towels not so much as they don't have the bit...
Inventive Journalism "Car Collides with wall", lazy journalism would have been 'Crashes' ...
Unlikely IMO. They've already pretty much run out of parliamentary time. Only statutory instrument stuff could get done now.
Good luck Dave. May well see you there. Hopefully the weather will be like it is this week!