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Halfords steered bright of the retail abatement afresh if it
acquaint better-than-expected first-quarter profits, apprenticed by a
focus on costs and able-bodied sales of car aliment products.
However, the banker acquaint all-embracing like-for-like
auction advance of just 0.2 per cent for the 13 weeks to 27 June,
although it cited getting up adjoin boxy commensurable sales for the
aforementioned aeon endure year. While Halfords is not allowed to the
retail downturn, its boilerplate transaction amount of £20, growing
sales of bikes as barter embrace a convalescent and greener affairs and
capital absorb on car aliment gave it a amount of protection.
The banker said that its car aliment division, additional by
appeal for articles such as windscreen wipers, batteries and oil, has
"continued to accomplish strongly, absorption its inherent
counter-seasonal and arresting characteristics". Helped by its
favourable allowance position and focus on amount control, the banker
said its first-half profits were advanced of its expectations, although
it did not accommodate a accumulation number.
Nick Wharton, Halfords' fin-ance and collective managing
director, said the achievement "underlines Halfords' airy and arresting
proposition". He added: "While [we are] not allowed to the advancing
arduous retail environment, our market-leading positions,
all-encompassing ranges and different account hypothesis abide to
accommodate us with aplomb in carrying full-year balance in band with
our expectations."
He added: "There is no agnosticism the customer is adverse
added pressures. But our business provides some acceptable protection."
Halfords said sales at its leisure division, which sells articles such
as bikes, adolescent car seats and tents, connected to advance
afterwards a apathetic alpha to the quarter. Halfords accounts for one
in every three bikes awash in the UK.
Halfords said accumulation sales rose by 1.7 per cent over the
13 weeks. Adjusting for the absence of a abounding Easter during the
quarter, absolute sales rose 3 per cent and like-for-likes inched up by
0.2 per cent.
Last month, Halfords said it had assassin Wal-Mart and Tesco
adept David Wild as arch executive. Mr Wild, a lot of afresh Wal-Mart
chief vice-president of new business development, will accompany
Halfords on 4 August.
Credit Suisse analyst Assad Malic said: "Halfords in our
appearance exhibits a added arresting artefact set than its aeon with a
mix of artefact categories arena to both arbitrary and added
needs-driven customer spending categories."
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