Halfords expects full-year profits at top end of range
Halfords has said it expects full-year profits for this financial year to come in at the top end of the expected range, while noting a downturn in overall group sales for the current trading period.
In an update issued to the City this morning, the cycling and autocentre retailer said results for the financial year 2020 had been boosted by better than expected sales during the lockdown and said it expected profit before tax to be at the upper end of its guided range of ÂŁ50m to ÂŁ55m.
While group sales for the four weeks to May 1 were 23% below the same period on a like-for-like basis, Halfords said this was âbetter than we initially anticipatedâ and had been driven by stronger results in cycling as customers âexplored alternatives to public transport and for ways to stay healthyâ.
The retailerâs motoring arm showed âoverall weakness reflected [by] a significant reduction in car journeysâ during the lockdown period.
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