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04 Sep 2019 | 08:09

Halfords reports weaker-than-expected sales; warns Brexit uncertainty will continue to weigh in H2

Halfords reported weaker-than-expected sales as poorer summer weather and weaker consumer confidence weighed. The company also warned that economic and political uncertainty would continue to keep a lid on sales in the second half of the year.

For the 20-week period to 16 August 2019, like-for-like revenue declined 3.2%, with retail down 3.9% and autocentres up 1.1%.

Retail motoring sales declined 5.9% on a like-for-like basis and retail cycling sales fell 1.1%. Our overall sales were impacted by cooler, wetter weather and weaker consumer confidence year-on-year, the company said. 'In the second half, we believe the economic and political uncertainty will continue to impact big-ticket discretionary spend and, therefore, as in the first half, we will continue to focus on improving gross margins and controlling costs,' said Graham Stapleton, Chief Executive. The company said it expected 2020 underlying pre-tax profit to be within the range of £50m to £55m, down from the £58.8m reported in fiscal 2019.

At 8:09am: (LON:HFD) Halfords Group PLC share price was +1.5p at 173.8p

Story provided by StockMarketWire.com
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