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Halfords' revenue growth boosted by cycle sales

Halfords grew its revenue by 3.6% in the 13 weeks to 3 July as like-for-like sales increased by 3.5%

GENERAL MERCHANDISE

Halfords' revenue growth boosted by cycle sales

Retail sales climbed by 3.5% on a like-for-like basis as cycle sales continued to grow with sales in the premium bikes and cycle repair categories rising by 8% and 24% respectively.

The retailer said car maintenance sales were “robust” boosted by a good performance by the parts and workshop categories.

Sales of in-car connectivity equipment and dash cams climbed by 31%, but this was offset by subdued sales in the car cleaning category.

Jill McDonald, Halfords chief executive, said: "Our retail business continues to deliver a broad-based top-line performance, against two previous years of strong like-for-like growth.

“Our Getting into Gear plan continues to progress with pace, and we're on track with the retail trading initiatives and autocentres priorities we outlined in June."

During the period, Halfords opened its fifth Cycle Republic store in Nottingham as it plans further openings across the UK.

The retailer said its guidance for the full year remains unchanged.

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