Halfords saw its group revenue climb 14% during the 20-week period to 18 August after seeing strong demand in its car servicing garages and solid trading in its retail stores.
Revenues in its Autocentres division jumped 34.6% (+16.6% LFL) as cash-strapped consumers switched to Halfords in an effort to save money on car maintenance.
Meanwhile, retail sales rose 3.7% (+3.4% LFL), with strong sales for motoring parts (+7.5 LFL) offsetting weaker demand in the cycling category (-2.7% LFL).
Chief Executive Graham Stapleton said: “It’s been a good start to the year for Halfords, and our ongoing focus on essential maintenance and servicing is driving a strong performance in our Autocentre and Retail Motoring business.
“Group Motoring, which now accounts for over 75% of our total sales, is a resilient sector and we’re progressing with our long-term plans to become a one-stop-shop for motoring ownership.”
The company noted that trading in the year to date was in line with expectations, with services remaining robust but discretionary markets softer.
The company is now forecasting that its annual underlying pre-tax profit will be between £48m and £58m, slightly higher than last year at the midpoint of that range.
In June, Halfords said it expected profit growth in fiscal 2024, but the lower end of the forecast range given today implies a roughly 7% fall in profit.
