Halfords has released its Q4 trading statement in which it is revealed cycling revenue rose 1.9%, though dipped 0.9% for the full year.
Specifically focusing on cycling, this is the second quarter in which the group has steadily grown revenue, which is largely attributed to new bike sales, while parts, accessories and clothing trade dipped slightly.
New bike sales is clearly a focus for the business, with the retail giant detailing plans to launch a range of kids bikes alongside Bradley Wiggins, ranging £99 to £450 at retail and landing from July.
The group’s like for like revenue in Q4 rose 2.6%, with retail revenue up 3.1%.
Jill McDonald, Chief Executive, commented: “This was another good trading performance across the Group. Retail sales delivered solid growth supported by our service led offerings and in Autocentres our sales continued to grow as we invested in new and refreshed centres. We are on track to meet profit expectations for the year.”
Further preliminary results will be delivered on June 1st, added McDonald.
A group profit before tax for the year ended 1 April 2016 is expected to be in the range of £78-82 million.
At the start of this year uncertainty on wage inflation, a possibly British exit from the EU and other factors were blamed for a downgrade in Halfords stocks. Increased pressure from rivals such as Go Outdoors, which has big plans for cycling in its UK stores, will also be applying pressure to the business.