Halfords must transform into offering more essential products as shoppers trim back discretionary purchases, bosses said on Wednesday morning.
The cycling specialist said that a switch-up to selling more “needs-based” items was key as the firm must become less “reliant and exposed to the volatility of more discretionary product markets.”
It warned it was expecting its full year underlying profit before tax to be at the lower end of our £65m and £75m range.
The retailer had continued to see “resilient” sales in its more needs-based categories but had clocked a “softening” in less essential areas.
While it was “challenging” to predict what consumer confidence would be like for the rest of the 2023 financial year, Halfords said it didn’t expect the challenges facing businesses would “dissipate soon.”
The retailer had continued to see “resilient” sales in its more needs-based categories but had clocked a “softening” in less essential areas.
While it was “challenging” to predict what consumer confidence would be like for the rest of the 2023 financial year, Halfords said it didn’t expect the challenges facing businesses would “dissipate soon.”
In results for the six months until the end of September, Halfords said earnings had slipped after rampant inflation and softer retail spending.
Group core earnings took a knock of 20.5 per cent to £92m, versus £115.7m in the first half of the previous year.
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