Halfords' 16-Week Revenue Up 9.6% On Autocentres Boost

27th Jul 2010 07:32

LONDON (Dow Jones)--U.K. automotive and leisure products retailer Halfords Group PLC (HFD.LN) Tuesday announced a 9.6% rise in group revenue between April 3 and July 26 as it benefited from its acquisition of the Nationwide Autocentres chain, although it said it remains cautious of the economic environment. Nonetheless, the firm expects to increase full-year earnings in line with previous guidance. Halfords said comparable sales, after adjusting for the impact of Easter, in its retail stores fell 2.1%, while comparable sales at its Autocentres were flat on the year. The group made a "sluggish" start to the spring season, attributed to poor weather in April and tightened consumer spending ahead of the U.K. general election and subsequent emergency budget. Yet sales growth continued in its core categories of car maintenance and cycling, the company said. Gross margin remained broadly flat on the year, with currency and sourcing inflation offset by self-help measures like better buying. Halfords has rebranded four Nationwide Autocentres following the chain's acquisition in February and said it has had "encouraging" initial results from these stores. It plans to rebrand all of them by March 2011 and open 12 new units this fiscal year. -By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298; [email protected] Order free Annual Report for Halfords Group PLC Visit http://djnweurope.ar.wilink.com/?ticker=GB00B012TP20 or call +44 (0)208 391 6028 (END) Dow Jones Newswires July 27, 2010 02:32 ET (06:32 GMT)