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Halfords Confident Thanks to Strong Bike Sales
Saturday, 4 October 2008
Leading car parts and cycle retailer Halford has announced that they are confident of achieving a full-year profit of £94m, despite the sales slow-down. Like for like sales have dropped 1.1% a for the quarter to September. Halfords said it was benefiting as commuters bought more bikes to avoid soaring petrol prices. Their car parts business was also profiting from drivers choosing to save money by maintaining their existing vehicles, rather than buy new ones.
"At times like this when there is pressure on consumers, it is good that a healthy proportion of our sales are needs-driven. If people are not changing their cars for new models they tend to spend more not just on maintenance but on enhancements like satnav or better audio systems. Even the fact that more people are taking holidays in the UK rather than abroad helps because we are the biggest seller of roof boxes in the country."
Nick Wharton, Acting Managing Director, Halfords
Halfords is the UKs leading cycle retailer and sells one in every three bikes in the UK. Based in Redditch in Worcestershire, employing more than 10,500 staff in 455 stores. It specialises in selling car parts, cycles, and outdoor leisure and camping equipment.
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The UK’s largest bicycle and car-part retailer said it is benefitting from consumers reduced budgets, which means they are more likely to spend money on repairing their existing vehicles than purchase new ones.The company plans to add 20 further stores to its UK and Ireland portfolios, and says that demand for bicycles is rising as consumers opt for the cheaper and greener transportation over cars.
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Viral Marketing
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