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Growth appears to be good news for cycling market

Evidence that we might – just might – be turning into a nation of cyclists comes with a big increase in the sales of bikes at Halfords.

The cycle and car maintenance retailer says its full-year earnings are expected to be towards the upper end of market expectations, with cycling generating a very impressive 15 per cent like-for-like sales growth over 39 weeks to January 1.

Group revenues in the same period rose by 2.8 per cent, with UK revenues going up by 1.6 per cent.

David Wild, chief executive officer, commented: "Our key categories of car maintenance and cycling, representing approximately 60 per cent of revenues in the quarter, continue to deliver very strong like-for-like performances.

“We believe that Halfords brand strength allied to its leading customer offer in attractive markets will deliver sustainable earnings growth. While remaining cautious about the wider economic outlook in the near term and its impact on consumer spending, the board is now confident in delivering full year earnings growth in line with the upper end of market expectations.”