Halfords drives profit growth as it accelerates transformation

Halfords storefront

Halfords has reported a strong full-year performance after increased demand for categories such as cycling, partly fuelled by the pandemic.

Halfords’ revenues and profits advanced as it “rapidly accelerated” its transformation. However, the retailer warned of uncertainty ahead, including supply challenges.

Halfords’ sales rose 13.9% like-for-like to £1.29bn last year, when underlying pre-tax profit climbed 72% to £96.3m.

Like-for-likes at Halfords’ retail division rose 14.6%, powered by cycling, which was up 54.1% as people adopted the mode of transport during the pandemic.

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