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Halfords posts strong full year profit rise

Halfords, the car part and cycle retailer, has posted an 11.3% rise in full year profit as it reaped the rewards of its turnaround strategy.

GENERAL MERCHANDISE

Halfords posts strong full year profit rise

Halfords, the car part and cycle retailer, has posted an 11.3% rise in full year profit as it reaped the rewards of its turnaround strategy.

In the 52 weeks to 27 March, pre-tax profit after non-recurring items reached £80.8 million while group revenue climbed by 6.9% to exceed £1 billion a year ahead of plan.

With like-for-like sales across the group climbing by 6.8%, retail like-for-like sales grew by 7% boosted by strong cycling sales.

Meanwhile, like-for-like sales at the group’s autocentres rose by 5.3%.

Dennis Millard, Halfords chairman, said: "This was another year of strong revenue growth, this time against tough comparatives, and leading to a pleasing improvement in profitability. We are delighted to have exceeded £1bn of group revenue, a year ahead of plan, and are building a sustainable platform for future growth.”

By the end of the year, Halfords had refreshed a total of 72 stores and plans to refresh a cumulative total of around 150 by the end of the current financial year. It also launched four Cycle Republic shops and plans to open a further 11 by April 2016.

Online retail revenues grew by 14.3% and represented 12.2% of total retail sales.

Millard added: "There still remains much to do in both retail and autocentres and FY16 will be a particularly busy year of activity and investment as we continue to focus on driving the top-line and rolling out our Getting into Gear strategy. I would like to warmly welcome Jill McDonald, our new chief executive who started a few weeks ago, and who joins at an exciting time."

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