Halfords, a company with over 130 years of history, reported an 18.3% fall in annual profit, aligning broadly with analyst expectations. The decline is attributed to decreased purchases of cycling products and domestic holiday items. The bike market in Britain, which experienced a boom during the Covid-19 pandemic, is now facing a significant slump. Retailers have amassed too much stock, leading to steep discounts on bicycles. Halfords has warned of 'soft' trading conditions ahead, exacerbated by the cost of living crisis. The 'golden age of cycling' appears to be over.
🇬🇧 Halfords knocked off track by cost of living crisis https://t.co/vysWQY1x6L
🇬🇧 Halfords: Profit slides as cycling and motoring retailer warns of 'soft' trading https://t.co/kTrFPV1dKG
🇬🇧 'Golden age of cycling' is over as Halfords' profits slump https://t.co/heAGr84cxW
🇬🇧 ‘Soft’ start to year at Halfords as annual profits slide https://t.co/cfccwanie5
🇬🇧 Britain’s once-booming bike market slumps https://t.co/07hOJJerjr
Britain’s once-booming bike market slumps https://t.co/w6jGwl6O84
🚲 ‘Golden age of cycling’ is over as Halfords’ profits slump https://t.co/hwYypbz1re
🚲 Bicycles are now being sold for steep discounts after retailers amassed too much stock. Halfords’ profits have plunged as thousands of people give up on cycling after a boom during Covid Read the full story at the link below ⬇️ https://t.co/bRFSFYBZ4S
The over 130-year-old company reported an 18.3 per cent fall in annual profit, broadly in line with analyst expectations, as purchases of products for cycling and domestic holidays decreased https://t.co/ULIh62Jvaw