Cycling and motoring specialist Halfords has recorded a rise in overall revenue as profit came in ahead of expectations.
Like-for-like revenue grew 2.5% to £1.72bn in the 52 weeks to March 28, while like-for-like retail sales exceeded just over £1bn, increasing 2.1%.
Underlying profit before tax increased 6.4% to £38.4m, ahead of its estimated £32m to £37m range.
Trading in the first few weeks of the current financial year is “in line with expectations” and it plans to offset another year of inflation through “pricing, buying and cost opportunities„.
It remains “somewhat cautious” about the outlook for consumer spending.
The Halfords senior leadership team has seen change this year, with previous chief executive Graham Stapleton stepping down and new boss Henry Birch taking the reins in April. New managing directors have also been recently appointed.
Birch said: “I am very pleased to be announcing a positive set of results for Halfords. The business has delivered a strong financial performance, made good strategic progress and has a clear plan in place to tackle external inflationary forces. Halfords has a unique combination of retail stores, garages and mobile vans, a trusted brand, scaled omnichannel infrastructure, and access to valuable proprietary data. It is an exciting time to be joining and I see significant potential to optimise and grow this fantastic business.”
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