Halfords thank British Olympic cyclists for growth of sales

Halford’s say that they have the British Olympic cycling team to thank for a pick-up of sales over the closing summer months. 

Profits for the national retailer were down by nearly a quarter for the first 6 months of the year, but now its looking at a turnaround which they say has been triggered by a successful summer of British cycling. 

Halford’s say that they have the British Olympic cycling team to thank for a pick-up of sales over the closing summer months. 

Profits for the national retailer were down by nearly a quarter for the first 6 months of the year, but now its looking at a turnaround which they say has been triggered by a successful summer of British cycling. 

“Our first quarter is all about spring when people get into their bikes and plan camping trips,” said chairman of the company, Dennis Millard. 

“But the weather was awful and, if you went out on your bike, you got drenched. When the weather changed, the feelgood factor around the summer of sport drove footfall into Halfords stores.”

The drive helped sales rise again by 4.6% after their drop of 7.5% in the first quarter. 

The recovery was not enough for the company to earn back its lost profits though, and sales before exceptionals were down to £41.9m compared to £54.7m 12 months ago.

In July Halfords recruited Pets at Home boss Matt Davies to lead the company and help turn around sales. 

Investors will be next updated about the plans of the business in January.

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