Halford's blames 'unseasonal weather' for revenue decline as group CEO stands aside
Automotive and leisure product retailer Halfords has blamed ‘unseasonal weather’ for its 5.2 per cent decline in revenue for its last quarter, as its group CEO David Wild steps aside.
The group has said that ‘a weak start’ to the quarter saw a fall in like-for-like revenue of 12.4 per cent for the first eight weeks, which then rose during the following five weeks by 0.9 per cent.
Cycling and other leisure revenues were also down by 9.6 per cent, although online revenues through the company’s new fulfilment proposition grew by 13 per cent.
Tyre fitting was also reported as now representing 10 per cent of Halford’s Autocentre revenues.
Meanwhile Halford’s group CEO has stepped down, with Dennis Millard becoming interim executive chairman. The search to replace Miller is now underway.
Millard commented: "The consumer environment remains difficult and the unseasonal weather conditions this quarter had a direct impact on sales of cycles and outdoor leisure products. In this challenging economic environment the management team will be focused on maximising our trading performance and cash generation, prudent cost management and delivering the longer term strategy outlined to shareholders in May 2012."