Bicycle sales boost Halfords revenues

A better than expected 8.8 per cent rise in retail sales at Halfords was fuelled by a 15.5 per cent jump in cycle sales, with brands endorsed by Olympians Chris Boardman and Victoria Pendleton contributing towards the improvement.

A rise in revenues for the 13 weeks to the end of June was widely expected, given the comparison with a washout quarter last year when rain meant cycling sales fell by 9.9 per cent, but still cheered analysts who had been expecting a more modest 4 per cent increase. Shares opened more than 10 per cent higher yesterday.

Overall like-for-like revenues were up 7.5 per cent, with a 0.9 per cent fall in performance for the firm’s autocentres dragging on the retail rise.

Halfords has 466 stores in Britain and Ireland and 287 autocentres, employing a total of 12,000 people. – (PA)