UK motoring and cycling products retailer Halfords has reported its total revenue for the 20-week period ending 18 August grew by 14.1%, driven by needs-based categories.
During the period, revenues for retail and autocentres divisions grew by 3.7% and 34.6%, respectively.
Within Retail, motoring revenues rose by 7.7%, while cycling revenue declined -1.7% over the period.
Halfords’ needs-based products and services drove strong motoring like-for-like (LFL) growth of 7.5%.
Cycling division reported LFL decline of -2.7% and represented 25% of total revenues during the period.
The company’s service-related sales accounted for 48% of group revenue, while B2B sales accounted for 29% of group revenue, driven by strong performance in Cycle2Work and commercial fleet services.
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The retailer expects full-year profit before tax to be between £48m ($60.37m) and £58m.
Halfords chief executive officer Graham Stapleton said: “It has been a good start to the year for Halfords, and our ongoing focus on essential maintenance and servicing is driving a strong performance in our Autocentre and Retail Motoring business.
“Group Motoring, which now accounts for over 75% of our total sales, is a resilient sector and we are progressing with our long-term plans to become a one-stop shop for motoring ownership.
“We are continuing to do everything that we can to support our customers through the cost of living crisis and are determined to offer them unrivalled value.”
Halfords operates a network of 393 Halfords stores, two performance cycling stores as well as halfords.com and tredz.co.uk.