Halfords’ (HFD) sales for the final weeks of its 2020 financial year were better than expected, and should translate into adjusted pre-tax profits that sit in the upper echelons of its forecast £50m-£55m range.
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The retailer, which has kept most of its stores open during the coronavirus pandemic, has experienced a surge in demand for its cycling products. Its motoring arm, however, saw a drop-off that Halfords attributed to the significant decline in car journeys during lockdown. Group sales for the four weeks to 1 May ran 23 per cent below last year’s comparable period. Halfords had £159m in available liquidity at this point, and teased the likelihood of more cash preservation measures to come.
