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.”
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."
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