Halfords achieves steady sales growth

Board confident that the Halfords Group will deliver half-year profit (pre tax) in the range of £59m-£61m.
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Halfords has announced its financial position for the half-year ended October 2nd.

The retail giant's leisure sector has been the main driver behind the steady performance, with revenue generated through cycling and camping sales being showing the best sales figures.

During the second quarter, group sales increased by 3.8 per cent over the equivalent period last year, representing like-for-like sales growth of 2.2 per cent.

Year-on-year sales growth for the first half was 3.4 per cent, 1.7 per cent on a like-for-like basis.

Adjusting for the impact of Easter, sales growth was 2.8 per cent and equates to a like-for-like sales increase of 1.1 per cent.

David Wild, chief executive, said: "We are pleased with our performance in the first half year. We have further increased share in our strong markets, managed margins tightly and controlled costs effectively while making selective investments to support future growth. Our service initiatives, particularly fitting, and halfords.com are performing ahead of expectations and well above last year.

"While we remain cautious about the macro-economic environment in the balance of the year, we have a solid foundation from which we are very well positioned to deliver further profit growth in the second half and sustainable increases in earnings over the longer-term."

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