Halfords Group plc
HFD
Delayed London Stock Exchange - 11/23 05:35:25 pm
333.6GBp
-1.21%

Halfords : credits staycations for revenue boost

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09/06/2017 | 07:10 am

CAR ACCESSORIES and bike retailer Halfords yesterday reported surging sales in camping gear and electric bikes drove increased revenues during a British "staycation summer", cushioning the blow of weaker sterling.

Halfords' share price had risen by 2.5 per cent by the close, but earlier in the day rose six per cent to reach its highest point since the start of August, after five months of steady decline.

Total group revenue rose by 4.8 per cent year-on-year in the 20 weeks to 18 August, with a 6.2 per cent increase in retail revenue driving growth. Total revenues in the group's Autocentres arm fell 1.4 per cent.

Like-for-like sales rose 2.7 per cent across the group, with retail sales up 3.5 per cent.

Motoring travel solutions - camping equipment such as roof boxes, cycle racks and other related accessories for holidaymakers - were the stand-out performers within the retail arm, with like-for-like sales growth of 8.2 per cent year-on-year.

Meanwhile like-for-like sales of cycling products rose 5.2 per cent. The company reported sales of more expensive bikes and accessories were the main causes of the strong growth, with electric bikes and cycle repairs as highlights.

"A combination of good planning and execution meant that we optimised sales from the staycation summer, with strong growth in camping, roof boxes and cycle carriers," said CEO Jill McDonald. "Our foreign exchange mitigation plans are working in line with expectations and we are well prepared for the peak trading period through winter."

(c) 2017 City A.M., source Newspaper

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