Halfords posts decline in profit
Halfords has posted a 38.3% drop in full year profit after it invested in competitive pricing and its continued transformation.
In the 52 weeks to 31 March, the motoring and cycling retailer’s underlying pre-tax profit came in at £51.5 million compared to £89.8 million in the prior year. However, revenue increased by 15.3% with like-for-like growth of 2.4% in the period.
Graham Stapleton, chief executive of Halfords, said: “In a very challenging year, our focus has been on supporting both customers and colleagues through the cost-of-living crisis.
“Investment in competitive pricing and the value for money offered by our Motoring Loyalty Club, has enabled us to help more people with their motoring needs. This has led to an outstanding sales performance and significant market share gains.”
Halfords said trading in the new financial year has been strong, despite poor weather conditions in early spring.
Looking ahead, the company said it is comfortable with the current analyst consensus of £53.3 million for profit for the year.
Stapleton added: “Despite the uncertain consumer backdrop, I am confident that we will see the current momentum continue across the year, as we develop out an even more differentiated proposition.
“Last week we launched an industry leading Buy Now Pay Later offer to help customers cover the cost of essential vehicle maintenance and repairs. All of this is of course delivered by our highly skilled colleagues, across our unique and convenient combination of garages, mobile vans and stores.”
