Halfords almost doubles expectations with festive sales surge

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Halfords sales in the 15 week period to January 13th have surpassed expectations, with the cycling segment rising 7.4% in Q3 and 5.5% sales growth year-on-year.

Cycling continues to be a strong performer for Halfords, though today’s results are generally positive across the board with group sales rising 11.4% in Q3 and up 8.1% YOY.

The retail chain specifically singled out electric bike growth, in part thanks to range additions. Cycle Republic and Tredz further drove up the performance of the cycling division.

Tied to the financials, Halfords announced a special dividend of 10 pence per share to be paid in February.

The statement indicates that Halfords will follow a period in which it was particularly active on the investment front with a focus on improving its existing assets.

Jill McDonald, Chief Executive, commented: “I am very pleased with the strong sales performance across our business in the important third quarter of the year. We continue to make good progress implementing our “Moving up a Gear” strategy which will enable us to capitalise on the long term growth opportunities in our markets. We benefited from growth in new ranges, our unique “wefit” services and great execution by our colleagues over the busy peak period.”