Strengthened cycling offer boosts Halfords
Sales at Halfords have surpassed £500m during the retailer's first half giving pre-tax profits a double-digit push to almost £50m.
The Redditch-headquartered chain experienced good growth in all its cycling categories as well in car maintenance and online retail sales.
Group revenue in the six months to 26 September 2014 increased by 6.8 per cent to £524.1m – a jump of more than £34m on the same period a year earlier.
Retail sales grew by 6.6 per cent and autocentres by 8.4 per cent during the period. Cycling sales rose by 16 per cent and online figures were up by 13.7 per cent.
Group EBITDA for the period was £63.6m, compared with £59.6m in 2013 and pre-tax profit was up from £44.6m to £49.6m.
Chief executive Matt Davies said: "This was a strong performance against particularly tough comparatives and we are pleased overall with the progress we are making under our 'Getting Into Gear' retail plan.
"A strengthened cycling offer was underpinned by the acquisition of Boardman Bikes [in June 2014] whilst Halfords continued to build its auto credentials with the launch of Car Parts Direct. More retail colleagues completed their Gear-2 training, the supply-chain and IT infrastructure improved further and refreshed stores performed in line with expectations.
"Autocentres delivered an improved sales performance, with new management focused on the motorist experience. I look forward to a second half where we will continue to position Halfords to deliver sustainable profit growth."