Halford profits on the rise

Car parts and bicycles chain Halfords today defied the retail gloom elsewhere on the high street after boasting better-than-expected first-quarter profits.

Continued demand for its car maintenance goods and a pick-up in sales of bikes and camping equipment helped the company grow like-for-like sales 1.7% in the 13 weeks to June 27.

Sales would have been better still - at 3% - if the firm had benefited from a full Easter in the first quarter of this year, Halfords said.

A cost-cutting drive and healthy margins left profits in the period ahead of expectations, the group added.

The group's acting joint managing directors, Paul McClenaghan and Nick Wharton, said the group's first-quarter sales underlined Halfords' "resilient and defensive" business.

"Whilst not immune to the ongoing challenging retail environment, our market leading positions, extensive ranges and unique service proposition continue to provide us with confidence in delivering full year earnings in line with our expectations," they added.