Halfords reconfirms profit guidance following Q3 sales uplift
Halfords has reconfirmed its full year profit guidance after group revenue increased by 4.6% in its third quarter. On a like-for-like basis sales were up 1.3%.
Like-for-like cycling sales climbed by 5.9% as the retailer saw growth across all bike categories. In contrast, like-for-like motoring sales were down 2.7%, which was an improvement on the first half of the financial year.
Meanwhile, autocentres sales rose by 4.6% on a like-for-like basis.
Graham Stapleton, chief executive of Halfords, said: “I am pleased with our overall performance in Q3, with total revenue growing nearly 5% in the quarter. Our results reflect the positive actions we have taken across the group to deliver on our strategy, particularly motoring services, which grew strongly.
“Within retail, cycling performed particularly well, as customers responded to our innovative product ranges and differentiated proposition.“
Halfords said market conditions were subdued in the period and that it does not expect any improvement in the near-term.
Stapleton added: “We will continue to focus on improving our customer proposition, building our services business and managing our costs and operations tightly. In the context of the current retail market I am pleased to be reporting a positive like-for-like performance and to reconfirm profit guidance for the full year.”
