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Halfords lifts annual profit outlook on stronger than expected performance
StockMarketWire.com
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Halfords, a motoring and cycling products and services provider, upgraded its outlook on profit, citing a strong-than-expected performance during its fiscal fourth quarter of the year.
The company said it now expected full year underlying pre-tax profit to be within the range of £90 million to £100 million.
The company continued to experience a volatile trading environment across the first seven weeks of Q4, but said overall trading had been stronger than we initially anticipated across the busines.
The company also took the decision to repay in full £10.7 million of furlough income received.
For the first seven weeks of Q4, from 2 January 2021 to 19 February 2021, like-for-like revenue growth was 6.2%, with retail up 5.1% and autocentres up 13.3%.
'Although only six weeks remain of FY21, the expected profit range remains quite broad as trading patterns continue to be volatile, with sales ahead of Easter particularly difficult to predict whilst the UK remains in lockdown, ' the company said.
At 8:19am: (LON:HFD) Halfords Group PLC share price was 0p at 242p
Story provided by StockMarketWire.com
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