Giant Group BOD today (5/10) approved 2024 Q1 financial report. Despite the increase bicycle sales resulting from the recent popularity of cycling in China, with the continuation of inventory reduction in both Europe and North America as well as order adjustments from OEM customers, Giant Group’s consolidated sales declined by 20.2% at NT$16.06 billion. Net profit after tax at NT$520 million, a reduction of 37.8% and an EPS of NT$1.33.

In terms of own brand sales performance, bicycle sales in China in first quarter remain strong . This is mainly due to an increasing trend in sports and recreation which supported the sales of mid to high end bicycles. With the launch of new models, Giant expect to see continue sales growth in China. As for Giant US and European sales continue to be affected by inventory reductions.

The annual “China Bicycle Show” was just held in Shanghai from May 5 to 8 attracting 1,500 domestic and foreign bicycle related companies. With the increase in cycling trend, the exhibition also attracted cycling enthusiasts. The recent launch of Giant’s 10th generation carbon road performance bike, TCR as well as other innovative new products have received positive feedback from Chinese consumers.