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The Markets
by Proactive
Proactive UK has moved.
Coverage of London’s small caps continues on proactiveinvestors.com
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The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
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The Markets
by Proactive
Proactive UK has moved.
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Go to Proactive UK

Retail

Peddling premium bikes boosts Halfords' first quarter

Cycling and car enhancements helped Halfords post decent trading in its first quarter..

Cycling and car enhancements helped Halfords (LON:HFD) post decent trading in its first quarter this year, it told investors.

Premium bike sales were up 8%, while bike repairs was up 24% compared to the first quarter last year - which was a strong comparative.

In the 13 weeks to July 3, in-car connectivity equipment and dash cams for cars did well, growing 31%, the group said.

Overall, group revenue was up 3.6% compared to the same time last year, while like-for-like (LfL) revenue across the group was up 2.5%.

Travel solutions was the standout in like-for-like revenue growth, at 9.2% higher.

New boss Jill McDonald said: "Our retail business continues to deliver a broad-based top-line performance, against two previous years of strong like-for-like growth.

"Cycling continues to grow; the highlights in the quarter being premium bikes and cycle Repair, with sales up 8% and 24% respectively.

"In May we opened our fifth Cycle Republic store in Nottingham and there are further openings planned across the country.

"Car Maintenance sales were robust with Parts and Workshop up 7% and 10% respectively and Travel Solutions sales were up 9%, with the combination of compelling offers and knowledgeable colleagues boosting sales of roof boxes, cycle carriers, tents and child safety seats. Autocentres' sales momentum was maintained, with LfL of 4%."

Halfords shares have done well in recent weeks and today they stand at around 543p - almost 20% higher than they were on May 1.

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