Halfords remain challenged by weather and market conditions despite positive premium range reception
Halfords remain challenged by weather and market conditions despite positive premium range reception
Posted on 8 Nov 2024
Challenging market conditions due to poor weather and broader economic pressures continue to challenge Halfords, despite positive customer response to its new premium range of bicycles.
The retail chain, along with the wider cycling sector, has had to endure a wet spring and summer affecting sales in its cycling division, with lower demand adding to the company’s recent challenges as it was forced to revise down profit forecasts earlier in the year.
Despite these factors, Halfords’ new premium bike range has been well-received by customers, with a notable increase in demand for high-end models priced over £1,000, and electric bikes over £1,500 seeing especially strong interest.
Graham Stapleton, CEO of Halfords, was positive about the initial period of the current financial year. He said: “While consumers remain cautious in their discretionary spending, we have continued to focus on controlling the controllables and I am pleased with our performance in the first half of FY25.”
Halfords remain cautious with the company anticipating an improvement in market conditions as it moves into the second half of the financial year.