May 21, 2019

Halfords sees profit fall, blames weather and sentiment

Halfords reported full-year profit at the bottom end of its recent guidance and said that its transformation plan would take longer than originally expected to implement. The seller of auto and bike accessories reported underlying pre-tax profit for the year to March 29 of £58.2m, a reduction of 18 per cent on the previous year. It expects profit for the current year to be "Broadly in line" with the year to March 2019, assuming average weather conditions and a consumer and economic outlook similar to those experienced during the second half. The company has warned on profits three times in the past 12 months, the most recent alert coming in January when it blamed mild weather and an uncertain consumer outlook for an anticipated shortfall in sales. Halfords unveiled a new strategy last year that revolved around increased focus on a service-led proposition.

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