Financial News

  • 5 October 2012, 13:41

Olympics And Wiggins Drive Cycle Sales Sprint

Britain's summer of cycling success appears to have inspired more people to take up the sport as Halfords reports a 15% sprint in bike sales.

The bicycle to car parts retailer said customers were inspired by Bradley Wiggins' Tour de France win and the Olympics, helping the chain recover some of the ground it lost in the spring.

Total sales at stores open over a year rose 5.6% in its second quarter, resulting in a fall of just 0.1% in its first half to September 28.

When the company announced its first quarter figures earlier in the year, the resulting profits warning prompted the departure of then CEO David Wild.

Former Pets at Home boss Matt Davies is to take over immediately - an appointment that was welcomed by investors as the Halfords share price rose 13% in early trading.

Halfords, which trades from 460 Halfords stores and 260 motor service Autocentres, said it now expected its full year pre-tax profit to be in the upper half of the previously-stated range of 62m-70m.

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