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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