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.

Published by GregWhitaker

Editor of CAT Magazine and an experienced motoring journalist

IAAF Awards: Winners announced

Annual conference and Awards takes place online

Read More

North and South branch openings for GSF Car Parts

Bournemouth and Warrington join newly-rebranded parts chain

Read More

National Tyres acquired by Halfords for £62m

604-branch chain to become part of retail giant in a deal totalling £81m after capital expenditure and integration costs

Read More

New van fleet for Marathon

Warehouse distributor renews fleet with new Citroen Dispatch vans

Read More

Schaeffler to buy ‘green steel‘ from Swedish start-up

H2 Green Steel to supply OE producer

Read More

Go to comments

Your email address will not be published. Required fields are marked *