Leisure and cycling retailer Halfords has revealed a 1.1 per cent slip in like-for-like sales in the second quarter but said that half year profits are in line with expectations.
For the 26 weeks to September 2008, like-for-likes also slid 1.1 per cent, adjusting for the Easter period.
Total sales for the 26 week period were up 1.6 per cent.
The retailer said its core categories, car maintenance and leisure, continue to perform strongly.
Halfords also said the defensive characteristics of its car maintenance proposition and its continued growth within cycling, despite the poor summer weather, reinforce the benefits of its leading positions in these markets.
Gross margin has strengthened ahead of internal expectations.
Halfords chief executive David Wild, who joined the business on August 4, said: “The Group enjoys market leading positions, has a well structured balance sheet and generates strong cash flow. These characteristics position it well in these challenging conditions and I remain encouraged by our prospects for the remainder of the year".
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