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Halfords in cycling sales wobble
02 Sep 2015 12:12
British car parts to bikes retailer Halfords said a recent boom in bicycle sales had fallen off sharply in its second quarter.
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However, it added that strong trading across the rest of its retail business would keep it on track to meet profit forecasts.
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Cycling has increased in popularity in recent years, with Halfords expanding its accessories, bike ranges and improving online categories to tap demand.
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However, the company said today that wet August weather and increased discounting in the market had led to an 11%decline in like-for-like cycling sales in the first eight weeks of its second quarter, well below its expectations.
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Sales rose 2% in its first quarter and grew by 11.4% in its previous fiscal year to March 27.
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The firm trades from 470 stores in the UK and Ireland and another 306 Autocentres.
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In recent years the firm has invested heavily in customer service, store upgrades and new ranges, helping it to achieve its £1 billion sales target a year early in June.
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