Monday 27 February 2017

Cash squeeze hits Halfords profits

Peter Cripps

HALFORDS, the high street car and bike store based in Ireland and the UK, reported a slide in profits today but described its performance as robust at a time when consumers are driving less and cutting back on spending.

Profits fell 20pc to £54.7 million (€64.3m) in the six months September 30 after sales of maintenance and enhancement products were hit by the impact of soaring petrol prices.

Its profits came in at the upper end of its guidance despite it putting on more discounts to attract consumers as rising sales of revamped bike ranges, including Carrera, helped offset some of the gloom.

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