Halfords profits in slow lane
Halfords today warned profits would be lower than expected as a rebound in cycle sales was overshadowed by a poor performance in car maintenance.
The group, which has 464 stores in Ireland and Britain, said same store cycle sales returned to growth, up 8.7% in the 13 weeks to April 1, after slumping 16% over the festive season.
But car maintenance sales, such as car parts, workshop tools and body repair, fell 11.7% on a like-for-like basis in the period – though this was against tough comparatives for winter last year.
The group said it now expected full year pre-tax profits to be between £124m (€141m) and £127m (€144m) , down from a previous range of £127m (€144m) to £135m (€153m).
Last year, the company reported pre-tax profits of £109.7m (€125m).
