Halfords Achieves Strong Sales Growth Despite Bad Weather Impacting Cyclists
- Halfords reports a 14.1% increase in revenue for the 20 weeks ending August 18th
- Garages business, Autocentres, drives sales growth
- Market share growth across all categories
Halfords has overcome unfavorable weather conditions to achieve significant turnover expansion.
The UK’s largest cycling and motoring services retailer experienced a 14.1% increase in revenue for the 20-week period ending August 18th, with like-for-like turnover growing by 7.8%.
Growth was driven by strong performance in the garages business, Autocentres, with sales increasing by over a third. Additionally, the company saw growth in orders for needs-based products and services in its motoring retail segment.
Engine of growth: Halfords reported a 14.1 per cent jump in revenue for the 20 weeks to 18 August thanks largely to a very strong performance by its Autocentres business
The Redditch-based company also secured a contract to service the entire UK truck and van fleet of parcel carrier Yodel, boosting its commercial fleet services operation.
On the other hand, revenues from cycling declined due to bad weather and decreased consumer confidence, in addition to the impact of the end of Covid-related restrictions.
Despite the mixed weather conditions, Halfords managed to increase its market share across all categories and exceed its first-year targets set at a capital markets day event.
Graham Stapleton, CEO of Halfords, praised the company’s “good start to the [fiscal] year” and its progress in becoming a one-stop-shop for motoring ownership. He emphasized their commitment to providing customers with unrivaled value during the cost-of-living crisis.
Stapleton also announced the launch of the Dealer or No Dealer campaign, aimed at raising motorists’ awareness of the choice and cost savings available for servicing and repairs.
While Halfords expects lower profits for the first half of the year, it anticipates higher profits in the following
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Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
