Sep 4, 2018

Halfords boosted by fall in new car sales

The motoring and cycling retailer Halfords has reported rising sales and said it will deliver on its full-year profit expectations, despite a challenging market. The group said total revenue was up 2.8 per cent for the 20-week period until August 17, with retail sales up 2.6 per cent and revenues in its autocentres up 4 per cent, compared to the same time last year. At the time, the group reported a fall in underlying pre-tax profit because of a weaker pound and increased investment in staff training and customer service. Falling sales of new cars also worked in the group's favour: demand for car maintenance products increased by 4.5 per cent and motoring retail sales in total were up 3.8 per cent. Laith Khalaf, an analyst at Hargreaves Lansdown, said, "Declining car sales are actually a tailwind for Halfords, as more older models on the road means a greater need for parts and servicing."

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