US EditionPublished • loading... • Updated
Halfords profit rises by 1% on strong bicycle sales
Halfords saw cycling revenue grow 9% in the half-year, contributing to a 3.3% total revenue increase and a 1% profit rise amid cost-saving efforts.
- Updated Thursday, Halfords reported a 1% rise in first-half profit for the six months to September 26, saying strong bicycle sales helped offset costs and inflationary pressures.
- Birch said, the recovery in the cycling market and warm weather helped offset costs, supported by the three-phase 'Optimise, Evolve, Scale' strategy and fusion garage rollout.
- Halfords reported a 4.1% like-for-like group sales increase and a 9% jump in bicycle revenue, with underlying pre-tax profit of �1.2m for the six months ended September 26.
- The company reaffirmed expectations of delivering underlying pre-tax profit in-line with market consensus of between 36m and 40.7m, and Keith Williams, Halfords chair, plans to step down by the next AGM, with 79 fusion sites launched toward a 150-site target.
- Rising costs may challenge margins in H2 as rising labour costs and elevated inflation combine with a fragile consumer backdrop, while Birch said pre-Budget speculation was 'unhelpful' but the business is confident after Wednesday's Budget, and Garry White warned the road ahead looks bumpy.
Insights by Ground AI
12 Articles
12 Articles
Halfords sales and profits tick higher as cycling demand jumps
Bosses said the business was buoyed by a ‘recovery’ in the cycling market, warm summer weather and ‘fantastic’ sales of children’s bikes. Halfords has revealed increased sales and profits amid a boost from stronger bike sales over the past half-year. Bosses said the business was buoyed by a “recovery” in the cycling market, warm summer weather and “fantastic” sales of children’s bikes. Sales in the cycling business rose by 9% for the half-year t…
Coverage Details
Total News Sources12
Leaning Left4Leaning Right1Center2Last UpdatedBias Distribution57% Left
Bias Distribution
- 57% of the sources lean Left
57% Left
L 57%
C 29%
14%
Factuality
To view factuality data please Upgrade to Premium
