Sunday, December 9, 2018

Halfords posts 19.5% rise as cycling boom drives growth


Car and leisure retailer Halfords has reported strong growth across its retail and autocentre divisions, as it cashed in on popularity for cycling which continues to sweep the nation.

Like-for-like sales rose 19.5 per cent across its cycling business for the 15 weeks to 10 January as accessories and children‘s bikes enjoyed an “excellent performance.” Overall retail sales for the 15 weeks to 10 Jan slowed to +6.2 per cent from the 7.3 per cent rise during the 41 weeks to 10 January.

Online retail sales grew by 13.8 per cent, with online now signifying over one in ten (11.7 per cent) of all sales.

The firm said its retail top-line was robust in a period of comparatively mild weather.

Matt Davies, Chief Executive, commented: “Cycling was again the standout performer, with our customers engaged by refreshed ranges, supported by a renewed customer-first promotional stance.”

Halfords is eight months into its three-year ‘Getting into Gear‘ 2016 plan which will see a £100m investment into its IT, store estate and digital proposition.