“Staycation trends” drive double digit growth for Halfords
Motor and cycling retailer Halfords has reported double digit growth despite “hugely challenging conditions”.
In its results for the 20 weeks ending August 2021, the firm saw a 10.5 per cent growth in revenue.
The company has attributed the growth to a rise in domestic holidays in the UK, and has seen a rise in demand for its mobile car servicing offering.
Graham Stapleton, Halfords’ chief executive officer, commented: “The first 20 weeks of FY22 delivered a strong trading performance against a hugely challenging backdrop.
“Our motoring business now represents 65 per cent of our revenues and continues to go from strength to strength, driven by the increased scale of our Autocentres business, the ongoing demand for our Halfords Mobile Expert Vans, and by recent staycation trends.
He added: “Although our cycling business is currently impacted by the considerable disruption in the global supply chain, as the UK’s largest cycling retailer we are well positioned to adapt and to serve our customers, and we remain confident in the long-term outlook for the cycling market.
“The strength of our overall performance is a clear illustration of the relevance of our service-led strategy and gives us the confidence to continue with our investment plans. We remain positive on our prospects for FY22 and beyond.”
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