Great News for Halfords as it Cycles into Profit

UK retailer Halfords has raised its profit forecast to £55m as cycling sales continue to climb.

Household name Halfords issued the uplifting news today and says sales of bike products show no sign of stopping as demand for car products and services also rise. The Redditch-headquartered company has reported group like-for-like growth in the five weeks to 25 September 2020 was up 22 per cent

The retailer said demand for bikes and cycling products had continued following the end of the peak cycling and summer staycation season. It also reported strong sales growth again for its car products and services. As a result, it now expects half-year profits to top €61.6m (£55m), compared with the €39.2m (£35m) to €44.8m (£40m) that it had predicted for last month. Shares jumped 18 per cent after the trading update was published on Thursday morning.

Halfords profits Cycling
Halfords shares surge as profits leap in Covid-19 cycling boom. image: Twitter

Halfords said “unprecedented” levels of demand for the group’s bicycles and associated products pushed like-for-like sales up 46 per cent in the five weeks to 20 September alone, while overall sales grew by 22 per cent during the period.

In a statement to the London Stock Exchange the company said: “Given stronger than expected trading since week 20, we now expect profit before tax for H1 FY21 to be in excess of €61.6m (£55m). We do, however, remain cautious in our outlook for H2. The potential impact of second waves of Covid-19 now seems more pronounced than just a few weeks ago, and the economic impact of an end to the furlough scheme and the outcome of Brexit negotiations remains very uncertain.

“We are well placed to address any headwinds we may face and capitalise on the tailwinds as they arise. Our balance sheet and liquidity position remain strong. We will report our interim results on 18 November 2020.”

Halfords closed branches in the UK earlier this year, parts were also in short supply due to low manufacturing output from China.

Cycling is healthy for you!

Cycling can help to protect you from serious diseases such as stroke, heart attack, some cancers, depression, diabetes, obesity and arthritis. Riding a bike is healthy, fun and a low-impact form of exercise for all ages. Cycling is easy to fit into your daily routine by riding to the shops, park, school or work.

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Written by

Tony Winterburn

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