Halfords gears up to beat difficult market conditions

Retailer Halfords saw shares motor ahead after shrugging off 'challenging' market conditions to post a hike in sales.

Wednesday, 5th September 2018, 11:47 am
Updated Wednesday, 5th September 2018, 11:51 am
Olympic gold winning track cyclist Victoria Pendleton with her best-selling Somerby electric bike which is sold through Halfords

The car parts-to-bike-group reported a 2.6 per cent rise in like-for-like retail revenues for the 20 weeks to August 17.

Its autocentres division saw comparable sales rise 4 per cent, helping overall group like-for-like revenues rise 2.8 per cent in the period.

Shares in the group surged 7 per cent on the brighter sales result, which comes after Halfords warned in May that annual profits would remain broadly flat.

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Motoring sales were the star performer in the retail division - up 3.8 per cent - thanks to strong demand for staycation-related products over the summer, as well as growth in fitting services, car cleaning products and tools.

Bike sales edged 0.8 per cent higher after a hit from cold weather in early spring and the timing of Easter.

Electric bikes saw the strongest sales, according to Halfords.