Halfords Sinks on Profit Warning as Wet Weather Hits Confidence [BNN Bloomberg (Canada)]
HALFORDS GROUP UNSP/ADR (HLFDY)
NASDAQ:AMEX Investor Relations:
halfordscompany.com/investors
Company Research
Source: BNN Bloomberg
The British bicycling and automotive retailer now expects underlying profit before tax for the fiscal year 2024 to fall in the range of £35 million ($44.3 million) to £40 million, down from its previous range of £48 million to £53 million, according to a statement. Shares fell as much as 23% in early trading, meaning it is down 25% from this time last year. Halfords, which has almost 650 garages and around 400 stores, said it saw a “significant” drop in like-for-like growth in its retail business. Both the cycling and retail motoring markets have been affected by weak consumer confidence and unusually mild and very wet weather which reduced footfall into stores, the company said. Volumes in both segments fell in January. More customers are taking advantage of promotions as well as purchasing on credit, leading to weaker gross margins than previously anticipated. Halfords said it is remaining cautious about the 2025 financial year, given the ongoing volatility in market condit
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