REDDITCH, England - Following a post-covid glut, cycling is again the "stand-out performer" for Halfords. In the first six months of the financial year, the UK retailer reports a 9% year-on-year revenue growth for its cycling products and services. With a strong first half, the company is on track to deliver its full-year expectations.
REDDITCH, England - Contrary to the general trend in the British retail market, Halfords UK reports an increase in bicycle sales in its 28 March trading update. The company's focus on its range of premium mechanical bikes that have a price tag of more than £1,000, as announced last year, turned out for the best.
REDDITCH, England - With a current strategy of "controlling the controllables," the UK's largest bicycle retailer Halfords continues to face challenging conditions. With poor weather conditions in spring and summer affecting sales, the retailer failed to meet pre-COVID sales levels in its cycling department in the first 26 weeks of the current financial year which started 1 April.
REDDITCH, England - Citing headwinds in the bicycle market, UK retail chain, Halfords, has closed the financial year with a 30% drop in volume in its cycling division. "The bicycle market consolidated at a faster rate than expected, leading to much more discounting, which put significant short-term pressure on gross margin," the company reports.
REDDITCH, England - In a trading update Halfords Group announced to expect a significant drop in like-for-like revenue growth in its retail business. The company reports a further material weakening in three of its four core markets, including cycling.
REDDITCH, England - Halfords has reported a 5.1% dip in its Q3 cycling sales compared to the same period last year. More concerning is that the UK bicycle retailer has reported the cycling market volumes are down 28% from pre-pandemic levels.
