Men in lycra boost Halfords

HALFORDS report a strong first quarter as the rise of the ‘Mamil’ – middle-aged men in lycra – boosted demand.

Like-for-like retail sales at the group were driven up 4.2pc with premium bike ranges up 8pc and sales in its cycle repair business climbed 24pc.

While it bicycle business was its star turn for the 13 weeks to July 3, sales in its car parts and workshop divisions were up 7pc and 10pc respectively. However its car cleaning service underperformed.

The retailer’s strong performance comes amid a turnaround strategy focused on the growing demand for bikes among Britons and improving its overall service to customers. This sales period was the first full quarter for new chief executive Jill McDonald ( pictured), who took over in March, joining from fast food giant McDonald’s.

She replaced Matt Davies who was poached by Tesco to lead its UK arm.

Retail expert Andrew Wade at Numis said: ‘We believe that the improvements made to the business, recognising Halfords areas of strength, investing in and reinvigorating staff and launching a series of sensible operational retail initiatives, should continue to support progress.’ Last month the retailer reported that annual sales had passed the £1bn mark for the first time.

Shares slipped by 9p to 541p at the close of trading yesterday.