UK retailer Halfords reports 18.3% drop in annual profit due to falling bike demand and adverse market conditions.
Halfords, a UK retailer specializing in motoring and cycling products, has reported a drop in annual profit due to falling demand for bikes and unfavorable market conditions. The company's underlying pre-tax profit for the year ending March 29 fell by 18.3% to £36.1 million, a decrease from the previous year's £44.2 million. Additionally, Halfords experienced a decline in like-for-like cycling sales by 2.8%. Despite these challenges, the group noted a 5% growth in its Autocentres division, which saw a significant increase in sales.
June 27, 2024
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