Although it can only be loosely described as a bike shop, you can’t deny that a lot of people buy bikes from Halfords. Couple that existing mindshare with an upsurge in interest in cycling and you have a recipe for increased profits across the group directly attributable to two wheels.
It’s no surprise then that Halford’s annual results show pre-tax profits up 2.4% on last year, with the increase partly attributed to strong growth in the cycling sector.
The report states:
“The cycling market in the UK continues its resurgence, benefiting from participation for leisure, health, environment or increasingly economic reasons, and the group continues to expand its share.”
“In 2008 particularly, this was enhanced by the success of Nicole Cooke’s Olympic and world championship successes on a Boardman cycle and the broader achievements of the Halfords-sponsored Team GB cycling team at the Beijing Olympics. The group is proud to have been associated with the most successful Olympic cycle team ever.”
These results, of course, are good news for Halfords, but they reinforce evidence of a strong underlying growth in interest in cycling.
And that’s good news for everyone, I hope the momentum can be sustained.
Profits at Connswater store down, however, after amateur cycle-commuter John Self went there at 7:10pm one Tuesday evening to buy a Joe Blow bike pump, as recommended by your good self, to find the staff rolling down the shutters and heading off home, even though the website says it’s open until 8. Naughty. But it WAS a sunny day.