Halfords sales higher on cycling
Halfords has reported higher sales for the second quarter on a boom in cycling products.
Halfords sales higher on cycling" class="imageframe alignright" height="200" src="http://pictures.directnews.co.uk/liveimages/Halfords_1455_18807742_0_0_6666_300.jpg" width="200"/>Halfords has reported higher sales for the second quarter on a boom in cycling products.
Despite the poor summer weather, cycling sales have continued to grow, the retailer said.
Halfords said overall sales have increased by 1.5 per cent over last year, although like-for-like sales declined by 1.1 per cent.
Half-year profits are set to be in line with expectations, the group added.
Chief executive David Wild, who held senior positions at Tesco and Wal-Mart before joining Halfords in August, said: "In my short time with Halfords, I have been impressed by the calibre of the people and reassured by the strength and resilience of the business, which has proven to be robust.
"The group enjoys market leading positions, has a well structured balance sheet and generates strong cash flow. These characteristics position it well in these challenging conditions and I remain encouraged by our prospects for the remainder of the year."
Halfords' gross margin has improved ahead of expectations, the company added, due to the growth in car maintenance and careful management of costs.
Halfords will announce its interim results for the 26 weeks ended September 26th 2008 on Thursday, November 20th 2008.