Halfords has posted a 38.3% drop in full year profit after it invested in competitive pricing and its continued transformation.
In the 52 weeks to 31 March, the motoring and cycling retailer’s underlying pre-tax profit came in at £51.5 million compared to £89.8 million in the prior year. However, revenue increased by 15.3% with like-for-like growth of 2.4% in the period.
Halfords said trading in the new financial year has been strong, despite poor weather conditions in early spring.
Looking ahead, the company said it is comfortable with the current analyst consensus of £53.3 million for profit for the year.
