Halfords shares plunge after profit warning [FT.com - Mergermarket]
HALFORDS GROUP UNSP/ADR (HLFDY)
NASDAQ:AMEX Investor Relations:
halfordscompany.com/investors
Company Research
Source: FT.com - Mergermarket
Jump to comments sectionUnlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Shares in Halfords plunged almost 30 per cent on Wednesday after the bicycle and car parts retailer issued its second profit warning in two years because of bad weather and the rising cost of living.The London-listed group said profits would be more than a quarter lower than previous forecasts, sending shares 28 per cent lower to 144p by early afternoon.This prompted a new forecast in an unscheduled trading update for underlying pre-tax profits of between £35mn and £40mn for the year to the end of March, down from £48mn to £53mn previously.In the 12 months to March 2023, Halfords posted an underlying pre-tax profit of £51.5mn, compared with £89.8mn the previous year.Consolidation in the cycling sector and more customers making purchases on credit had also led to weaker profit margins in the group’s retail business, it said.Data published t
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