HALFORDS’ BICYCLE SALES WOBBLE
HALFORDS saw its market value punctured by £ 85million yesterday after a sharp fall in bicycle sales over the past two months.
The FTSE 250 retailer blamed rivals stepping up discounting and poor weather deterring casual cyclists, as cycling revenue from stores, which opened at least a year ago, plunged by 11 per cent compared with the same period in 2014.
Halfords sold 1.3 million bikes last year, including ranges designed by Olympic star Victoria Pendleton, as annual group sales topped £ 1billion.
Chief executive Jill McDonald said: “This recent weakness is disappointing.” Despite a 7.3 per cent rise in car maintenance revenues, Halfords shares fell 43 ¾ p to 466 ¼ p.