Halfords says cycling market is down 20 per cent year on year

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Cost-of-living crisis bites as consumers shy away from high-ticket, discretionary purchases, says retailer

> "Considerable softening of the cycling market”: Halfords sales slow as supply chain disruption and inflation bite

Growth was largely due to a particularly strong performance within the company’s Autocentres and, to a lesser extent, motoring retail, with needs-based categories performing better than discretionary ones. It said that children’s bikes had “performed well due to the stronger year-on-year availability and Christmas gifting demand,” resulting in revenue growth of 4.6 per cent compared to the previous year.

Halfords said that it would give more detailed guidance at the end of March to City analysts on its expectations for the 2023/24 financial year and beyond, saying that currently, “it remains particularly difficult forecasting with any certainty.” “Consumer demand for our services and needs-based categories, which now account for the majority of our revenue, continues to grow, and our Motoring Loyalty Club is exceeding expectations as customers recognise the value of its unrivalled discounts and offers.”

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Sounds like their whole business is suffering, not just bikes.

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