LONDON - British motor and cycling products retailer Halfords said underlying sales fell 6.5% in its first quarter with a rampant performance in bicycles during the lockdown more than offset by weakness in motoring due to a major reduction in car journeys.
As a provider of products deemed essential, Halfords was able to trade through the coronavirus lockdown period. It said that over the 13 weeks to July 3 cycling sales soared 57.1% but revenue fell 45.4% in the higher margin motoring division.
Halfords said it remained cautious on the months ahead and because of the uncertainty that currently exists because of COVID-19 has withdrawn guidance for the 2020-21 year.
(Reporting by James Davey; editing by Kate Holton) ((email@example.com))