Halfords back in gear as bike sales lead turnaround

Shares in the firm leapt 9 per cent higher as the group said like-for-like bike sales lifted 1.1 per cent in the 15 weeks to January 15 - marking a turnaround after a disappointing drop of 7.6 per cent over the summer.

Its improved performance on bike sales offset a 0.6 per cent like-for-like revenue fall at its motoring unit, as car maintenance sales eased compared to last year due to warmer weather.

The retailer, which runs 463 Halfords stores, added that it racked up record online trading on Black Friday, while total sales on December 23 were the highest in its history.

New boss Jill McDonald recently put faith in a new turnaround plan to get the retailer’s performance back on track, including a renewed push in the bike sector.