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Halfords said that profits for the first quarter were ahead of expectations after a strong performance from its higher-margin car maintenance business.
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Total sales were up 1.7 per cent on tough comparatives, or 3 per cent adjusting for the early Easter. Like-for-like sales adjusted for Easter grew by 0.2 per cent.
Although Halfords' rate of growth is slowing, these figures vindicate its strategy and underline its resilience compared to the rest of the retail sector. Good value at 285p
Last IC view: Good value, 273p, 5 Jun 2008
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