Halfords set for profits dip
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The car parts to bicycles chain posts annual results on Wednesday amid signs that its bike sales are back on track.
The group has reported two quarters of like-for-like bike sales growth in a row, with a 1.9% rise in the final three months of its year.
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Hide AdThis marked a welcome recovery for the group, which was hit by a dire performance in its peak summer trading period last year.
Halfords, which operates 463 stores, posted a 5.9% fall in half-year underlying profits to £46.4 million after the bike woes last summer, when sales dropped 11% between mid-July and mid-August.
Recently-hired boss Jill McDonald is spearheading an overhaul to revive the retailer’s flagging performance, including a renewed push in the bike sector, with Olympian and Tour de France champion Sir Bradley Wiggins signed up to launch a new children’s range.
Full-year profits are expected to drop, but only marginally, to £79.9 million from £81.1 million the previous year thanks to more robust trading in its car maintenance arm and travel offering, which sells products such as camping furniture.