Halfords profits rise, like-for-like sales under pressure

18th Nov 2010 07:30

Bike and car parts retailer Halfords reported a healthy rise in sales and profits in the 26 weeks to 1 October, but trading remains tough, with like-for-like sales under pressure.Pre-tax profits jumped to £68.7m from £60.9m over the same half year period the previous year as revenues rose to £456.3m from £425.1m. However, on a like-for-like basis, which strips out the impact of new openings, retail sales were down by 4.9% during the period.Like-for-like retail sales fell by 5% from the same period the previous year in the six weeks since the end of the half year.'Consumer spending is clearly under pressure and we believe this environment will continue into 2011,' said chief executive David Wild. 'We hold market-leading positions however and remain confident that our strategy will deliver long-term sustainable earnings growth.'Halfords has been concentrating on the UK since closing down its Central European operations. At the company's Autocentres division, which has seen 1.2% like-for-like sales growth in the six weeks since the half year, 15 new centres are to be opened and the whole network rebranded by the end of the financial year.