Halfords grows revenues following strong sales in cycling category
Car parts and cycling retailer Halfords grew its revenue by 4.8% in the 20 weeks to 19 August as trade was boosted by strong sales in the cycling category during the summer.
Like-for-like sales edged up 1.2% with retail like-for-likes up 1.1% and sales at autocentres rising 1.8%.
The company said it enjoyed strong cycling sales during late July and August, helped by new ranges and a deeper promotion, which more than offset the slower sales earlier in the year. Trade was also boosted by the success of Halfords’ ‘Olympic cycling heroes’. As a result, like-for-like sales in the category grew by 1.9% in the period.
On a total basis, cycling sales grew by 11% following the opening of more Cycle Republic stores.
Sales growth at Halfords’ autocentres business was led by the servicing and tyres categories.
Jill McDonald, Halfords chief executive, said: “I am pleased to report a solid year-to-date trading performance, with group sales up 4.8% and service-related sales in double-digit growth as we continue to strengthen Halfords’ position as the first choice for customers’ journeys.
“We continue to make good progress on our strategic initiatives; we can now match 25% of our retail sales to specific customers compared to only 3% last year and in recent weeks we have successfully piloted contactless payments and also launched the new Cycle Republic website.”
