Sales rise at Halfords; margins dip

Britain's biggest retailer of bicycles has said its like-for-like sales rose 11 percent in the half-year to September 24th. Sales increased 13 percent. Shares in the recently floated chain soared to a record high on the news, valuing the company at £688m.
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Gross margins during the half-year were lower, said Halfords because of the "sales mix."

Halfords sells 25-30 percent of Britain's bicycles and bike-related P&A, and sells 19 percent of the auto parts market.

The City reacted well to the sales uplift news, with shares rising to 303p in early trading, a new high.

Analysts believe the company, floated on 3rd June, will post full-year pretax profits of £79m.

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