Two wheels good for Halfords to help sales figures
By Sarah Wood | 7th July 2020
Britain's biggest bike retailer Halfords has reported a jump in cycling sales during lockdown as people avoided public transport, but the boost was offset by a sharp fall in motoring sales.
The retailer, which has stores in Cheltenham, Gloucester, Tewkesbury, Cirencester and Stroud, was classed as essential and allowed to stay open during lockdown.
It has seen full-year profits rise ahead of guidance, but has still felt the impact of Covid-19, as reported by Retail Gazette.
Overall group sales in the 13 weeks to July 3 were down 2.8 per cent on the same period last year. Like-for-like sales fell 6.5 per cent and underlying pre-tax profit was down 4.9 per cent at £55.9 million, which was better than anticipated in the light of the coronavirus pandemic. Sales were boosted by a 200 per cent rise in online shopping.
Like-for-like motoring sales were down 45.4 per cent, reflecting the significant fall in car journeys across the UK.
As the UK gets back to work and people start using their cars regularly again, Halfords is seeing increased demand for its motoring services and products.
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