Halfords defies consumer downturn
Published Date:
20 November 2008
Car parts and bicycles chain Halfords today said it remained on track to meet profit targets, despite a further slowdown in sales in recent weeks.
The group reported pre-tax profits of £49.1m for the 26 weeks to September 26, an increase of 3.2 per cent on a year earlier after efforts to boost margins offset a 1.1 per cent decrease in like-for-like sales over the period.
Halfords said the period since the end of the half year had seen a further slowing in like-for-like sales, but stressed that it was still confident of delivering trading profits in line with expectations.
Car maintenance products, such as wiper blades and light bulbs, are regarded as "needs driven" and as such are relatively resilient to the consumer downturn.
Chief executive David Wild said: "Halfords' ongoing product and service developments together with continuing cost management provide the board with confidence in the delivery of full year profit before tax in line with expectations."
Halfords also announced plans to accelerate its operations in Central Europe after a successful initial pilot.
The full article contains 187 words and appears in n/a newspaper.
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Last Updated:
20 November 2008 8:36 AM
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Source:
n/a
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Location:
Yorkshire