Halfords struggling in economic headwinds

21st Jul 2011 09:02

Car parts and bike retailer Halfords has seen group sales rise 0.3% in the first quarter but like for like retail sales were down 1.1% .The most worrying figure for the company has been the performance of its Car Enhancement business, which saw sales down 10% on a like for like basis in the quarter.Halford's has spent £8.4m on a share buy back programme while the final dividend of 14p per share will be paid on the 5th of August if approved by shareholders at the AGM.David Wild, the Chief Executive of Halfords said of the results:""Halfords is continuing to trade effectively in a difficult environment for UK consumers. Our response to the economic challenges is a clear trading strategy that offers value through great prices, quality, innovative products and expert service."The market however was not impressed with today's figures, Halfords' share price was down 5.57% in early trading at 337.3p