Shimano saw its net income for the first nine months of the year tumble by 23.7 percent from the year-ago period to 28,104 million yen (€144.1m-$167.8m). Sales inched up by 1.8 percent to ¥245,969 million (€1.9bn-$2.2bn).

The Japanese maker of bicycle components and fishing products blamed the profit dip on a weak cycling market across the globe.

In the bicycle components segment, sales improved by 1.4 percent to ¥195,626 million (€1.5bn-$1.7bn). However, the division recorded a 4.9 percent drop in operating income to ¥41,105 million (€312.2m-$363.2m).

In Japan, retail sales of both sports bicycles and community bicycles were sluggish. However, Shimano said that sales of both the Deore mountain bike components released in May 2017 and the Ultegra road bike components released in June 2017 remained robust, and the additional Ultegra Di2 (electronic shifting system) and disc brakes released in August 2017 were well received in the market.

It noted that retail sales of complete bicycles were at the expected level for a typical first nine months in Europe and the U.S. It highlighted the recovery trajectory of European economies, owing to continued improvement in the labor market and recovery of personal consumption, although appreciation of the euro caused a lull in recent improvement in manufacturing. In the U.S., despite temporary weakening of personal consumption in the aftermath of two major hurricanes, moderate economic expansion continued, driven by the buoyant labor market and improved consumer sentiment.

However, in China, sales were below level, partly due to the sharp growth in bike sharing. And while sales lacked vigor in Southeast Asia and South America, they remained at the same levels as in the previous year.

Shimano's fishing tackle segment performed better, with a 1.9 percent increase in operating profit to ¥3,831 million (€29.1m-$33.8m) on 3.3 percent higher sales of ¥50,058 million (€380.2m-$442.4m). The company said that the Japanese market was robust, benefiting from stable weather.

Overseas, Texas and Florida, two major markets in North America, were affected by heavy damage caused by major hurricanes in late August.

In Europe, the company said that the overall market slowed somewhat, reflecting increases in distributor inventories in the U.K. and Germany and the impact of an extremely hot summer in Italy.

On the other hand, in Asia, sales in China and South Korea continued to be robust, and the recovery trend of the Southeast Asian market, which had been affected by an economic slowdown, became clear in line with the progress of reduction in distributor inventories. In Australia, the market was robust due to improved weather and a better economic environment.