Halfords: profits up, car repair business growing

The car maintenance sector of Halfords’ retail business performed strongly in the financial year 2008/09, according to figures released by the high street giant.

Strong sales growth in these areas was also matched by a 25% increase in the ‘We Fit’ and ‘We Repair’ businesses.

This has helped Halfords record a 2.4% in gross proft of £92m, while net debt was reduced from £181m to £164m.

“Our market-leading We Fit proposition is definitely attracting new customers,” said David Wild, Halfords CEO.

“However, we remain cautious given the fragility of the economy and consumer confidence.”