May 25, 2017

Halfords profits hit by weak pound

Annual profits at Halfords have been hit by the weak pound despite a strong rise in sales. The car parts, bikes and camping retailer said pre-tax profits fell 10.5% to £71.4m for the year to March. Like-for-like revenues rose 2.7%. Chief executive Jill McDonald said Halfords gained market share in both motoring and cycling. "Profit performance for the year was impacted by the weaker pound but our plans are well developed and I am confident this will be offset over time," she said. Halfords said higher import costs had largely been responsible for the drop in profits.

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