Halfords says new premium bike range is a hit – but cycling market remains challenging following “UK’s wettest spring since 1986”After seeing its profits slashed last year amid “significantly worse than expected” bike sales, Halfords says its leisure cycling sector has remained a challenge throughout the first half of 2024, following the UK’s “wettest spring since 1986”.
“The premium sector is the fastest-growing part of the cycling market – and one previously underrepresented at Halfords,” the company stated in September. “Despite pockets of improving consumer sentiment, the short-term outlook remains uncertain, particularly for big ticket, discretionary purchases,” the report said.
“Our services and B2B-led strategy has supported Halfords’ growth despite two of our core markets remaining significantly below pre-Covid levels, enabling us to absorb more than £130m of inflation since FY20 while maintaining a strong balance sheet.