Halfords has issued posted a profit warning, after its motoring, tyres and cycling business took a hit.

The retailer, which has stores and autocentres in Gloucester, Cheltenham and Cirencester, cut its full-year profit guidance from the £48m and £53m range forecast in its third quarter to between £35m and £40m for the year ending March 29.

It doesn't expect trading to change for the remainder of the financial year, as reported by Retail Gazette.

Halfords said it has taken 'decisive action' on cost, but it won't be enough to offset 'significant market deterioration'.

It said its cycling and retail motoring businesses had been hit by a combination of continuing poor consumer confidence and unusually mild and very wet weather, which affected footfall and sales of certain products.

In addition, it said that the cycling market had become more competitive and challenging.

But it said it continued to deliver good growth in its autocentres business, with good customer demand in the maintenance and repair market.

Looking ahead to its next financial year, Halfords said it expects profits to be similar to forecasts for FY24.