Halfords has reported a drop in cycling revenue in its latest quarterly results, citing the unseasonably poor weather as a key factor.
In the 13-weeks to June 29th, Halfords' leisure category saw like-for-like revenue fall 10.5 per cent. More specifically, cycling revenues were down 9.6 per cent, "materially impacted by the unseasonal weather conditions", Halfords said.
Overall like-for-like revenue has been hit too, falling 5.6 per cent during the quarter.
Following the results CEO David Wild has today stepped down from his role.
In more positive news for the retailer, the last five weeks of the quarter saw an improvement on a weak first eight weeks. Halfords' car maintenance sector rose one per cent, while its Autocentres saw revenue up 9.2 per cent. Online revenues were up 13 per cent, perhaps with customers put off by the wet weather, and Q1 gross margins and costs were in line with expectations.
Interim exec chairman Dennis Millard commented: "The consumer environment remains difficult and the unseasonal weather conditions this quarter had a direct impact on sales of cycles and outdoor leisure products.
"In this challenging economic environment the management team will be focused on maximising our trading performance and cash generation, prudent cost management and delivering the longer term strategy outlined to shareholders in May 2012."