‘Summer of sport’ fails to prevent Halfords’ sales slump

Published on 22/11/2012 00:00

CAR parts and bicycle retailer Halfords has reported a 23 per cent slump in half-year profits despite a “summer of sport” boost to sales.

The chain reported interim underlying profits of £41.9 million, down from £54.7m a year earlier, after retail sales fell 1.9 per cent to £393m in the six months to 28 September.

But the so-called “Wiggins effect” helped improve trade after a torrid first quarter, when unseasonable weather saw like-for-like sales plunge 7.5 per cent.

The group enjoyed a surge in cycling sales and repairs after the British success in the Tour de France and Olympics from the likes of Bradley Wiggins, Lizzie Armitstead and Sir Chris Hoy.

Halfords said it was cautious about pressures on consumer spending in the run-up to Christmas, but it remained on track to make a pre-tax profit of up to £70m this year.

Chairman Dennis Millard did not give any guidance on trading since September, but said the environment was challenging.