Halfords benefits from strong performance at autocentres business
Halfords has grown its total revenue by 9.2% year-on-year in the 20 weeks to 19 August after being boosted by a strong performance at its autocentres business.
However, group like-for-like sales were down 1.9% in the period against strong prior year comparatives when sales benefited from the UK emerging from the final Covid-19 lockdown.
Like-for-like sales at its autocentres climbed by 19.4% year-on-year while total sales rose by 67.8% following Halford’s acquisition of National Tyres.
However, retail sales at Halfords were down 7.1% on both a like-for-like and total basis after the group saw respective sales declines 2.8% and 12.7% in its motoring and cycling categories.
Graham Stapleton, Halfords chief executive, said: “We are working extremely hard to help our customers with the cost-of-living crisis and have dropped prices across nearly 2,000 motoring essentials, ensuring that products remain accessible and affordable for all.
“Over 70% of our sales now come from motoring products and services, and the fact that this area of spend tends to be more needs-based rather than discretionary is leading to a very resilient group performance, despite the wider macroeconomic uncertainty.”
Giving an update on its new Motoring Loyalty Club, Halfords said it has attracted over half a million members since its launch in March.
The group has also announced that it will be supporting its 10,000 staff members through the cost-of-living crisis through a number of initiatives including the offer of free MOTs.
