Week Ahead: Halfords, Retail Sales Monitor, House Prices Balance

5th Jun 2009 12:25

With most of the companies with end-March reporting periods now having announced trading updates, next week is set to be a quiet week for company results.Bike and car parts retailer Halfords gets a chance to claim the spotlight with its full-year results on Wednesday. Market consensus is for adjusted profit before tax of £91.5m, up from £90.2m a year earlier, with earnings per share forecast to show a larger percentage rise, up from 29.3p to 30.92p thanks to the company's (currently suspended) share buy-back programme. Sales are tipped to top £790m.The decline in sat-nav prices has been a major headache for the company but otherwise sales have held up well in the recession, as car owners spend money on upgrading their existing cars rather than buying new models, while the steady upwards creep of petrol prices is also likely to have boosted cycle sales. 'Gross margin is forecast to be up by c140bp, driven by a shift in mix towards the higher margin Car Maintenance category, an increase in the number of 'we-fit' jobs and sourcing gains,' reckons broker Charles Stanley. An update on the company's restructuring programme is expected along with further details of the group's strategic direction, which is likely to feature an increased focus on overseas expansion. On the economic front, Tuesday sees updates on two obsessions of the British: shopping and house prices. The British Retail Consortium's retail sales monitor for May is due to be released while the Royal Institution of Chartered Surveyors publishes its House Prices Balance data. 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