Jul 7, 2020
Bike sales surge helps Halfords through lockdown
Surging sales of bicycles during lockdown have cushioned the trading blow from coronavirus for retailer Halfords. It said bike sales had risen 57.1% in the 13 weeks to 3 July as people sought to avoid public transport. A big fall in motoring revenues meant that quarterly same-store sales declined 6.5% overall. The retailer hailed the rise in like-for-like sales of bicycles, but said that at the same time, sales in its more profitable motoring division had fallen 45.4% as the number of car journeys declined sharply. In the worst-case scenario sales fall by 9.5% while in the most optimistic forecast sales decline by 5%. It also noted that its sales would remain biased towards cycling and away from motoring in the short-term, and noted that this could hit profits as the cycling business has lower profit margins.
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