Halfords lowers profit expectations after sales drop
Redditch-based Halfords has reported a mixed bag of results in its pre-close trading statement. Despite an increase in bicycle sales, the company said car maintenance sales fell 11.7 per cent in the 13 weeks to 1 April.
Cycle sales were up 8.7 per cent over the 13-week period following a 16 per cent drop over the winter period. But like-for-like sales in car maintenance fell more than 11 per cent.
The company said it now expected full year pre-tax profits to be between £124m and £127m, down from a previous estimate of £127m to £135m.
David Wild, chief executive officer, said: "We believe the environment will remain difficult for customers. We are responding with a trading strategy that offers great value, expert services and many new products; including the relaunch of our entire Premium Cycle range. In Halfords Autocentres we will build on the good early results since rebranding."
