Sales down but profits up for Halfords

Cycle sales deliver increased market share for retail colossus
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Halfords has reported a rise in profits, despite a drop in sales in the last quarter and over the last financial year.

Group sales dipped 1.7 per cent in the last quarter, while like-for-like sales dropped 3.8 per cent. Taking Easter into account, sales fell 0.9 per cent and 3.0 per cent respectively.

Like-for-like sales for the last 52 weeks decreased 3.3 per cent, with group sales falling 1.2 per cent.

However, the firm expects to report an increased profit before tax for the year of between £92.0m and £92.5m, which Halfords said was due to ‘prudent cost control’ and proactive margin management.

The firm added that it had increased its share of the cycling and car maintenance sectors, with like-for-like sales growth in both categories.

Underlying debt for the firm over the year is now below £170m.

The firm earlier announced it would be dropping the Cycle Republic and Bikehut store brands, and also reported that it sold over a third of all bikes purchased in the UK, with more than one million sold in the last financial year.

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