Halfords sees 11.5% rise in cycle sales
Figures published by Synovate’s Retail Traffic Index (RTI), the Car enhancement sales were down 10.6% on a like-for-like basis and car maintenance was down 2.8%. However, the company saw a 11.5% increase in cycle sales driven by sales of premium and new entry level bicycles.
David Wild, chief executive officer, commented: "Halfords is continuing to trade effectively in a difficult environment for UK consumers. Our response to the economic challenges is a clear trading strategy that offers value through great prices, quality, innovative products and expert service."
Halfords said it was pleased with performance in its autocentres business where sales increased by 2.1%. Wild said: “The positive trend in sales has been achieved at a difficult time for motorists when they are reducing mileage. It demonstrates the strength of our proposition and the potential for the Halfords brand to grow in the garage-servicing sector.”
Wild added: “We remain confident in the cash generation capabilities of the business and with the combination of recommended dividend payments for FY11 together with the share buyback, we will return a total of £120 million to shareholders."
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