Monday, February 24, 2020

Halfords‘ are cycling into the sunset with profits up 10.8%


Halfords‘ have announced a pre tax profit of £49.4 million in the six months to September, an increase of 10.8% compared to last year.

Like for like sales were up 6.8% with the group, which also owns the Halfords Autocentre brand of garages, were also up 6.8% to £524.1 million.

The motoring and cycling retailer believe that the increase in profits is down to its latest retail plan.

“This was a strong performance against particularly tough comparatives and we are pleased overall with the progress we are making under our ‘Getting into Gear‘ retail plan.” Explained Halfords Chief Executive Matt Davies.

“A strengthened cycling offer was underpinned by the acquisition of Boardman Bikes whilst Halfords continued to build its auto credentials with the launch of Car Parts Direct.

More retail colleagues completed their Gear-2 training, the supply-chain and IT infrastructure improved further and refreshed stores performed in line with expectations.

Autocentres delivered an improved sales performance, with new management focused on the motorist experience. I look forward to a second half where we will continue to position Halfords to deliver sustainable profit growth.”

Halfords Autocentre revenue rose by 8.4% to £72.2 million, with Like-for-like sales up 4.4%.