# UK retailer Halfords posts lower annual profit
Published: 2024-06-27
Category: Headlines
Category URL: https://business.express/category/headlines/
Meta Title: Halfords Group Sees Lower Annual Profit Amid Challenging
Meta Description: Find out why Halfords Group faced lower profit as footfall declined and cost inflation rose, impacting sales of electric bikes and navigation systems.
URL: https://business.express/uk-retailer-halfords-posts-lower-annual-profit/

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qsmfaw001wwirgq3ggueqg/images/2024-06-27t062726z1lynxmpek5q06grtroptp4halfords-grp-results-scaled-1736747970593-compressed.webp)

(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)


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---