Halfords Q1 results show 15.5 per cent boost to cycling division

Like for like results suggest 32.1 per cent increase in cycle repairs
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Halfords has posted a better than anticipated set of first quarter sales figures, with cycle goods and repairs business jumping 15.5 per cent and 32.1 per cent, respectively.

With 466 of its stores in the UK and Ireland selling cycling goods and services, the retail business as a whole posted a like for like jump of 8.8 per cent.

Matt Davies, chief executive, commented: “Our retail performance reflected better trading execution in areas of opportunity whilst we were up against a weak comparative period. Autocentres LfL sales reflected an adverse fleet performance but we continued to expand our network as planned.

"We are in the early stages of our Getting Into Gear 2016 plan as outlined on 23 May 2013, designed to significantly improve our Retail customer experience through the friendly expertise of our colleagues and step changes in our store and online environment. Our focus is on delivering this plan over the medium term to drive sustainable and profitable revenue growth.”

As part of the Getting into Gear plan, Halfords is investing £100 million into store revamps, staff training, new cycling ranges (such as Pinarello and Quella, to name a few) and online improvements.

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