Jan 16, 2020

Halfords bolstered by boom in electric cycles and scooters

Halfords benefited from a boom in electric bikes and scooters to report a "Solid" third-quarter performance and maintain its full-year profit forecast after three warnings in a year. Sales of e-bikes and scooters almost doubled, said chief executive Graham Stapleton, and now account for about 14 per cent of cycling sales. "There is absolutely no doubt that consumers are embracing all types of electric vehicle from scooters to cars," said Mr Stapleton, a year into his tenure. Motoring sales in Halfords stores were down 2.7 per cent in the 14-week period. Weak market conditions have hampered the efforts of Mr Stapleton, appointed as chief executive a year ago, to turn Halfords to a more integrated and service-driven company.

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