Halfords half year profits as expected

Group sales increase by 1.5 per cent year-on-year
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Halford's half-year profits are in line with analyst predictions for the 26 weeks leading to September 26th.
Group sales increased by just 1.5 per cent year-on-year, which represents a 1.1 per cent decline in like-for-like sales.
According to TheRetailBulletin.com, adjusting for the absence of a full Easter during the period, this performance represents sales growth equivalent to 2.2 per cent and equates to a like-for-like sales decline of 0.5 per cent (1.1 per cent unadjusted for Easter)
David Wild, Chief Executive, who joined the business on August 4th, said: 'In my short time with Halfords, I have been impressed by the calibre of the people and reassured by the strength and resilience of the business, which has proven to be robust. The Group enjoys market-leading positions, has a well structured balance sheet and generates strong cash flow. These characteristics position it well in these challenging conditions and I remain encouraged by our prospects for the remainder of the year'.

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