BikeBiz Bicycle and cycling retail news
Like-for-like sales have continued to strengthen into the second half, said a statement from Halfords.
In the six weeks since September 30th, like-for-like sales had continued to strengthen, particularly in cycling and car sat-nav and speed camera warning products.
In a 6th October trading update, Halfords had reported adjusted like-for-like sales for the first half had risen 4.1 percent.
The headline figures today are:
Revenue up 4.7 percent to £337.7m (2004: £322.7m)
Like-for-like sales up 2.6 percent
Operating profit up 8.7 percent to £46.0m (2004: £42.3m)
Pre-tax profit up 20.6 percent to £40.4m (2004: £33.5m)
Strong cash generation reduces net bank borrowings by £11.6m
Interim dividend up 8.1% to 4.0 pence per share (2004: 3.7 pence)
Halfords CEO Ian McLeod said:
Our growth strategy, underpinned by our unique service proposition, has continued to deliver positive results despite a challenging retail environment. In the six weeks since 30 September 2005 Halfords like-for-like sales performance has continued to strengthen, particularly within cycling and in-car technology, giving us confidence for the second half of our financial year."
Despite the rise in profits, Halfords is still not part of the bicycle industry’s market-promoting Bike Hub levy scheme.
This scheme pays for the Bike It cycling-to-school project that is being expanded across the UK and is up for major awards.
