Tag Archive | "Halfords"

HALFORDS INTERIM RESULTS: MODEST GROWTH IN ‘CHALLENGING CONDITIONS’

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HALFORDS INTERIM RESULTS: MODEST GROWTH IN ‘CHALLENGING CONDITIONS’


Retail chain Halfords has published interim results for 2018. This will be the first set of results released since CEO Jill McDonald finished working out her notice at the end of October.

The group published modest growth in most areas, during what it described as ‘challenging conditions’, citing the weak pound and disappointing summer weather as reasons for gross margin to be weaker than it could be.

Like-for-like sales in car accessories were down two percent, which the group blamed on the continuing slide in the sale of sat-navs (which now make up around three percent of accessory sales, down from a high of 20 percent). The results were offset to some extent by the continued growth in dashcam sales.

The number of pushbikes sold was lower than the previous period, but the sector still recorded growth as the bikes had a higher average price, helped in no small part by the increase in popularity of e-bikes, which are now available across the chain’s network. The report also mentioned that two new Cycle Republic stores opened during the period.

Jonny Mason, Chief Financial Officer & Interim Chief Executive Officer, commented: “It is pleasing to report positive sales growth for this period, despite the poorer summer weather and the uncertainty in the UK economy. We are also pleased with our profit performance in the half, as we offset a large part of the (circa) £15m increase in costs that resulted from the impact of the weaker pound. Looking ahead, we have strong plans both in-store and online for the Cyber, Christmas and winter peaks.”

Ex-Dixons Carphone boss, Graham Stapleton has been hired as the new CEO and is expected to start in January.

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CLIPPER LOGISTICS EXTENDS CONTRACT WITH HALFORDS

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CLIPPER LOGISTICS EXTENDS CONTRACT WITH HALFORDS


Halfords

New logistics agreement for Halfords

Retail giant Halfords has agreed a new eight-year contract with Clipper Logistics.

The latest partnership will see the Leeds-based logistics company provide additional ancillary services and warehouse space to Halfords at its distribution centre in Daventry.

The warehouse comprises in excess of 325,000 sq ft of capacity and has been developed as a multi-user facility, where the retailer will serve as a main customer.

“Clipper began its relationship with Halfords last year”, said Steve Parkin, Executive Chairman of Clipper. “I am delighted that we have been able to demonstrate our ability to act proactively as a team and to develop solutions which will make a real difference to the Halfords business”.

He added, “with Halfords represents a true partnership which we anticipate will continue to evolve. We are pleased to have finalised this long term contract to enable us to support their operations in the UK.”

Richard Street, Infrastructure Director at Halfords, said: “We are delighted with the partnership to date which has enabled us to consolidate all of our external storage and enhance pre-retail services.”.

Street said the firm’s other two distribution centres will be unaffected by this change and will continue their operations as normal.

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HALFORD’S RETAIL PERFORMS WELL, BUT CYCLE SALES DEFLATE

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HALFORD’S RETAIL PERFORMS WELL, BUT CYCLE SALES DEFLATE


Halfords_CEO

CEO of Halfords Jill McDonald

There are mixed results for big-box retailer Halfords as it announced a small overall rise in sales across it’s accessories, consumables and technology and another small rise in servicing and parts, but a decline in cycling revenue.

Most of the rise is due to a swell in sales of child seats, which enjoyed double-digit YOY growth. Car accessories overall rose by 4.4 percent, although ‘enhancement’ products such as sat-navs fell, although this was offset by a rise in dashcam sales.

The wet first half of the year also contributed to a 2.3 percent YOY rise in wiper and bulb sales. Perhaps surprisingly given the mild conditions, the group also posted steady results from battery sales.

However, the performance of car accessories couldn’t hide the fact that sales of bikes and related parts were down. Bikes make up around a third of Halfords’ total revenue and the company blamed the wet weather for a drop in sales. “Casual cyclist don’t like the wet weather, and there is not a lot we can do about that” CEO Jill McDonald was quoted as saying by the Daily Telegraph. The company plans to give bikes a shot in the arm with a 20 percent discount in August and new ranges branded by Olympians Laura Trott and Bradley Wiggins.

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HALFORDS’ SALES DIP DUE TO WEATHER CONDITIONS


HalfordsHalfords has reported a year-on-year dip in car accessory sales, blaming the mild winter. Overall, figures were down 1.9 percent, however this was partially offset by a strong performance in sales of wiper blades and bulbs as well as continued growth in fitting services.

Bike sales increased by 0.9 percent after a flat couple of years, although there was a drop in the number of cycling accessories sold. Click-and-collect now represents 14 percent of retail purchases across the store.

Chief Exec Jill MacDonald said: “We are pleased with the Group’s performance, given the unprecedented weather conditions. Particularly pleasing was the strong growth in service-related sales and a return to like-for-like (LFL) growth in cycling. We achieved a record day online over the Black Friday weekend, our highest ever day for total sales on December 23 and further improvements in customer service metrics. In Autocentres we achieved a 9th consecutive quarter of LFL growth. I would like to thank our colleagues for all their hard work over the busy Christmas period.”

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