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Trading statements

Halfords like-for-like revenues rise

05 September 2017 07:17

Halfords group revenues rose by 4.8% in the 20 weeks to 18 August with like-for-like revenues up 2.7%.

The group saw continued service-related Retail sales growth of 18.3% and online sales growth of 11.2% with over 85% of Halfords.com orders collected in store.

Other highlights:

- Retail Motoring sales +2.3% LFL, driven by growth in fitting services and associated parts, dash cams, camping, roof boxes and cycle carriers; supported by the demand for staycations

- Retail Cycling sales +5.2% LFL, reflecting good growth in sales of premium bikes and PACs, with electric bikes and cycle repair services as highlights; Cycle Republic and Tredz also continued to grow strongly

- Autocentres sales -2.0% LFL, as planned and previously guided, with gross margin up year-on-year

Looking ahead the group said: "We continue to anticipate FY18 Group profit before tax to be in line with current market expectations. All financial guidance for the full year remains unchanged.

"As previously guided, the depreciation of Sterling brings a c.£25m gross cost headwind in FY18 and as expected we anticipate c.£15m will relate to the first half of the financial year.

"Our FX mitigation plans have been implemented and are on track; we continue to anticipate that we will fully recover the FX impact over time."

Chief executive Jill McDonald said: "I am pleased with the trading performance over the first 20 weeks of the year in both Motoring and Cycling.

"A combination of good planning and execution meant that we optimised sales from the staycation summer, with strong growth in camping, roof boxes and cycle carriers.

"This complemented our service-related Retail sales, which grew significantly faster than our total sales, as we continue to demonstrate our relevance to the growing 'do-it-for-me' customer.

"Our foreign exchange mitigation plans are working in line with expectations and we are well prepared for the peak trading period through winter."

Story provided by StockMarketWire.com

Related Company: HFD

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