Halfords said the interest in Team GB at the Olympics would boost the cycling market
Sales at car parts and bicycle retailer Halfords fell in the first three months of the year as customers cut back on car accessories and cleaning products.
Like-for-like sales in the UK and Ireland were down 2.3% compared with a year earlier.
Halfords said that online revenues were disappointing, with weak sales of sat-nav devices and child safety products.
It expects to report pre-tax profits for 2011-12 of £90m to £93m, in line with recently downgraded forecasts.
The retailer said it expects the year ahead to remain challenging for consumers, particularly motorists, citing the continued rise in fuel prices.
But it added that it anticipated "a particularly buoyant, albeit competitive, cycling market this year, given the strong interest in Team GB at the Olympics".
Shares in Halfords were down 2.4% in afternoon trading.
- Published10 November 2011
