Prior to the announcement of Halfords’ full year results this week, the bicycle and car parts retailer has noted that bike sales have returned to growth.
Halfords revealed two consecutive quarters of like-for-like bike sales growth, with a 1.9% incline in the final quarter of the year.
Full year revenue is expected to show a slight drop from £81.1m to £79.9m year on year. Profits are evident in its car maintenance and travel sectors. Like-for-like sales at its Autocentre garaged rose by 2.5%.
Halfords is pleased to see the recovery of its bicycle sales following a startling drop of 11% during its peak trading period between mid July to mid August last summer. The fall is “increasingly looking like a weather-related blip” said Andrew Wade, Analyst at Numis Securities.
New boss Jill McDonald is leading an overhaul of the business, with the revival of the bicycle sector as a key focus.
Halfords announced its acquisition of Welsh bicycle and parts retailers Tredz and Wheelies last week as it continues to grow its bicycle division. Halfords continues to “believe in the long-term growth potential of the cycling market” McDonald added.
The company has also partnered with Tour de France champion Sir Bradley Wiggins to launch a new children’s range.