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Markets News

British retailer Halfords raises profit outlook on cycling boom

LONDON, Oct 1 (Reuters) - British retailer Halfords raised its first half profit outlook as it continued to benefit from a cycling boom during the coronavirus pandemic.

The group, which sells motoring and cycling products and services, said on Thursday first half pretax profit was now expected to be over 55 million pounds ($71.2 million), up from the 35-40 million pounds previously guided.

It said cycling product sales were up 46% year-on-year in the five weeks to Sept. 25, driving group like-for-like sales growth of 22%.

$1 = 0.7725 pounds Reporting by James Davey; Editing by Toby Chopra

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