Halfords has reconfirmed its full year profit guidance after revenue growth picked up over the quarter covering the Christmas period.
During the 14 weeks to 3 January, total group revenue rose 4.6%, compared to a fall of 0.2% in 40 weeks to date. Like-for-like sales rose 1.3% in the latest period, compared to a 1.2% fall over the year so far.
Over the quarter, sales in its retail business were up 0.8% with strong demand for cycling products (+5.9%) offsetting weakness in motoring ranges (-2.7%).
The retailer stated that initiatives to “optimise the cycling space” in its stores and create “more innovative and differentiated” ranges had progressed during the period.
Meanwhile, sales in its autocentres rose by 4.6% on a like-for-like basis.
Halfords Chief Executive Graham Stapleton said: “Our results reflect the positive actions we have taken across the group to deliver on our strategy, particularly motoring services, which grew strongly.”
Halfords highlighted market conditions were subdued in the period and that it does not expect any improvement in the near-term.
Stapleton added: “We will continue to focus on improving our customer proposition, building our services business and managing our costs and operations tightly. In the context of the current retail market I am pleased to be reporting a positive like-for-like performance and to reconfirm profit guidance for the full year.”
