Halfords Group plc, the UK’s leading retailer of automotive and leisure products, reported comparable store sales of cycling products within its Leisure segment grew 9.7 percent in the year ended March 30 on strong performance in both premium bikes and cycle accessories.
The company said, however, conditions have since worsened.
“Retail sales in FY13 have been very disappointing so far,” the company reported in a statement on its annual results. “In particular we have not seen the usual seasonal demand for Cycling and Outdoor Leisure products. We believe some of these sales are deferred rather than cancelled, and we expect a stronger performance from these categories as the year progresses.”
“In a challenging consumer environment we have made good progress in our key growth areas of Leisure, including Cycles, Fitting Services and Autocentres,” noted CEO David Wild. “Our success in these categories and our detailed market research demonstrates how customers appreciate the help and value we offer and our opportunity for further growth. As a result we are evolving our strategy to focus on three strategic pillars so that we become the Friend of the Motorist, the Best Cycle Shop in Town and the Starting Point for Great Getaways. In each of these areas we believe we have a unique end to end solution and are well positioned to increase our share in significant markets.”
