Halfords expects full-year profits at top end of range

Halfords Derby  3

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 £50m to £55m.

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 “better than we initially anticipated” and had been driven by stronger results in cycling as customers “explored alternatives to public transport and for ways to stay healthy”.

The retailer’s motoring arm showed “overall weakness reflected [by] a significant reduction in car journeys” during the lockdown period.

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