Sep 27, 2018

Halfords trims profit forecasts sending shares down 7%

Halfords warned higher investment in stores meant profit would be lower than previously forecast next financial year, sending shares in the retailer down 7 per cent by late morning. The company, which sells car accessories, servicing and cycling products, said there was no change in forecasts for the year to March 2019, when profit is expected to be little changed on the previous year. Investment in the store estate will reduce profit. In May, Halfords shares fell after it warned that price inflation in cycling products had eased, and that the weaker pound was hitting profits. Many cycles are made in Taiwan or China, so wholesale prices are effectively set in dollars.

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