UK's Halfords logs weak December on bleak festive sales
Reuters
Published Jan 25, 2024 07:59
Updated Jan 25, 2024 09:40
(Removes incorrect reference to company as auto retailer in headline and paragraph 2)
(Reuters) - Bicycles-to-car parts retailer Halfords (LON:HFD) reported weak December sales, dragged down by lacklustre footfall into its showrooms as inflation-weary customers pulled strings on big ticket items during the festive season.
While third-quarter sales lagged expectations, with December like-for-like sales dropping more than 15%, the start of the fourth quarter returned to growth, the Worcestershire-based company said.
Prolonged cost-of-living crisis has forced British consumers to curtail expenditure on discretionary items with big ticket purchases being particularly hit, while businesses try to rein in costs and woo customers with offers.
Halfords retained its annual profit forecast, backed by further cost-saving measures and continued momentum in its motoring services unit.
The London-listed firm expects its adjusted pre-tax profit for the 12-month period ended December to be between 48 million pounds ($61.1 million) and 53 million pounds.
($1 = 0.7859 pounds)
(This story has been corrected to remove an incorrect reference to the company as an auto retailer in the headline and paragraph 2)
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Written By: Reuters
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