Halfords’ half year performance in line with expectations
Car parts and cycling retailer Halfords has posted a decline in its half-year profits despite total sales increasing by 1.9% to £599.9 million.
In the 26 weeks to 28 September, like-for-like sales rose by 2.5% following good sales in the e-bike, dash cam and motoring services categories. Retail like-for like sales rose by 2.3% while like-for-likes at Halfords autocentres increased by 3.3%.
Meanwhile, pre-tax profit after non-recurring items dropped by 23% to £28.2 million as underlying pre-tax profit fell by 17.1% to £30.5 million.
Graham Stapleton, Halfords’ chief executive, said: “Despite the challenging UK consumer environment, we delivered a robust sales and cash flow performance in the first half, with costs and profit broadly in line with our expectations.”
Never Miss a Retail Update!The retailer said it had made some early progress in its new strategy in the period. This included optimising in-store space to enhance its motoring and cycling offerings and strengthening its specialist cycling category with an agreement with Brompton to sell its ranges across the group.
Stapleton added: “We are making good early progress as we implement our new strategy, and we are encouraged by the initial signs. We are moving to a more customer centric approach, leveraging our expertise to provide a more differentiated shopping experience and an integrated and more convenient services offer.”
