# UK retailer Halfords posts lower annual profit
Published: 2024-06-27
Category: News
Category URL: https://technologydispatch.com/category/news/
Meta Title: Halfords Group - UK Retailer Annual Profit Decline
Meta Description: UK retailer Halfords Group sees decrease in profit as footfall drops due to difficult market conditions & wet weather. Britons cutting spending on electric bikes and navigation systems.
URL: https://technologydispatch.com/uk-retailer-halfords-posts-lower-annual-profit/

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# UK retailer Halfords posts lower annual profit

(Reuters) -British bicycle and car products retailer Halfords Group reported a fall in annual profit on Thursday as footfall across its stores declined due to challenging market conditions and wet weather.

The prolonged cost-of-living crisis has forced Britons to cut spending on discretionary spending, particularly big-ticket purchases like electric bikes and satellite navigation systems.

“Elevated cost inflation continued to be a significant headwind, increasing the cost base by approximately 37 million pounds in fiscal 2024,” the company said in a statement.

In February, Halfords said it was seeing “very challenging and exceptional short-term market conditions” and was cautious about a recovery.

Underlying pre-tax profit from total operations came in at 36.1 million pounds ($45.62 million) for the year ended March 29, compared with 44.2 million pounds it logged in the previous year.

Analysts on average were expecting the firm to clock a profit of about 36.2 million pounds, according to a company-compiled consensus.

($1 = 0.7913 pounds)

(Reporting by Echha Jain in Bengaluru; Editing by Subhranshu Sahu)


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