Halfords sees bicycle sales surge through lockdown
By Matt Hall | 8th September 2020
British cycling and motor parts retailer Halfords has reported a rise in sales through the coronavirus pandemic, helped by a surge in demand for its cycling products.
The business which has branches in Gloucester, Cheltenham, Stroud, Cirencester and Tewkesbury has recorded a five per cent increase in like-for-like sales in the 20 weeks to August 21.
This rise was predominantly down to a 160 per cent rise in online sales.
Revenues on cycling goods also rose by 59.1 per cent like-for-like and service-related revenues rose 6.3 per cent.
The groups autocentres division also saw a revenue rise, with a 30.2 increase in sales across the same period.
Halfords expects half-year profits to reach between £35 million and £40 million, however they stressed that uncertainty remains around performance in the second half of its financial year due to an expected decrease in cycling sales in winter months.
Graham Stapleton, chief executive officer, said: "We are pleased to have delivered a strong trading performance during the period.
"We have been able to move quickly in order to capitalise on the continued strong demand for cycling products, with sales of electric bikes and scooters up 230 per cent year-on-year, while cycling services have been boosted by our free 32-point bike check and the Government's Fix your Bike Voucher scheme.
"We have also seen a return to growth in our motoring business, driven by an increase in car journeys and by a high level of demand for staycation-related products such as roof bars and roof boxes."
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