Halfords sales in decline again
Posted on in Business News , Cycles News
Graham Stapleton, CEO, claimed that the third quarter for business has been exceptionally challenging with the ongoing weather conditions and the weakening consumer confidence.
Halfords have had to reduce their profit expectations, with group revenue down by 1.7% like-for-like, retail cycling sales down by -0.3% like-for-like and shares down by over 20%.
More than £120 million has been taken off the value of the Halfords chain with profits maybe reaching £60 million this year rather than the £70 million expected.
According to Halfords the growth in accessories and bicycles for children was offset by the decline in adult bikes.
Stapleton, states that even though the third quarter has been difficult, costs have been managed and margined well and the free cash flow is stably strong.
Stapleton stands behind the business strategy outlined in 2018, reporting that customers will get access to the first ever Amazon Alexa smart bike.
Lets see if the fourth quater for business will be better for Halfords or if the decline in sales will continue.
Read more about the latest news on Halfords on Cycling Industry News.
