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Halfords powers on

TIP UPDATE: At a time when many retailers have seen sales slide, Halfords again delivers growth
March 24, 2010

Halfords' trading update this week demonstrated continued progress. In the 11 weeks to 19 March, Halfords' main UK and Ireland unit saw like-for-like sales rise by a resilient 1.3 per cent.

IC TIP: Buy at 475p

The car maintenance operation was the main growth driver - reflecting the benefits of a prolonged winter, that unit saw like-for-like sales rise 13 per cent in the period. And even though the bicycle business didn't perform as well as expected, it still delivered a robust 1.9 per cent like-for-like sales hike. But satellite navigation sales continued to decline sharply and Halfords is to close its central European operations after suffering operating losses there.