RE: Fact is the rail strike has/will cause tens of thousands to23 Jun 2022 17:28
From an online article:
One area Halfords saw strong growth was electric mobility revenue (e-bikes, e-scooters and associated accessories), which was up 74 per cent from 2020.
Overall, the retailer's pre-tax profit of £89.9 million is up £32.9 million (57.8 per cent) compared with 2020, and down £9.7 million (9.7 per cent) versus financial year 2021.
Halfords cycle repair
Looking ahead Halfords remains optimistic it is "well-positioned, given
our market leadership position in both motoring and cycling, and our strong balance sheet, to emerge from this challenging trading environment in a relatively stronger position."
The company also expressed faith in cycling's long-term outlook "as government infrastructure and climate needs necessitate greener modes of transport."
Explaining the situation to city analysts, CFO Hartley said the retailer's Autocentres business had been more consistent than cycling as it is "much more needs-based" and "consumers are continuing to do what they need to for their car".
CEO Stapleton also added that he believes the market will "move with us" when they opt to increase bike prices.
"We have got very strong market leadership, have very big market shares and 80 per cent of our bike range is own brand, we feel confident that we can move pricing up and the market will move with us," he said.
"There is quite significant price inflation in cycling to the extent that the market overall can stand because we will pretty much set the market price. We have got a really good understanding of where we can move pricing and what limit we can move it to. We're comfortable we have put as much of that inflation through as customers and the market can take."
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