Money: Halfords sales hit by economic uncertainty - PressFrom - United Kingdom
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MoneyHalfords sales hit by economic uncertainty

11:40  04 september  2019
11:40  04 september  2019 Source:   cityam.com

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We find that, since 2008, economic policy uncertainty in the United States has been at a level approximately two times its long run average. We extend our approach to other countries, finding elevated levels of economic policy uncertainty abroad, as well.

Halfords sales hit by economic uncertainty © Getty

Halfords has warned that its summer sales were weaker than hoped after the bicycle and car maintenance retailer suffered from poor weather and a lack of consumer confidence.

The company said it expects “political and economic uncertainty” to hit customers’ spending habits for the rest of the year.

Shares fell 2.6 per cent in morning trading.

People are putting off making big purchases such as bicycles, it said, while cooler, wetter weather than last year’s bumper summer had also affected the figures, it added.

Pre-tax profit fell to £58.8m for the 20 weeks to 16 August, an 18 per cent drop year-on-year, and forecast flat profits in 2019-20. Like-for-like revenue fell 3.2 per cent for the period.

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THE wheels fell off sales at car parts and bike retailer Halfords after it took a hit from May’s general election, June’s emergency budget and the football World Cup. Sales at stores in the UK and Ireland open at least a year fell 2.1 per cent in the 13 weeks to July 2 as uncertainty about May’s polls and

Halfords has already warned profits will not grow until its 2021 financial year as it looks to boost investment in its stores, services and digital operations to Industry data for October showed that while total UK retail sales rose 1.3 percent year-on-year, uncertainty over the economic outlook was

Halfords sales hit by economic uncertainty © Getty

It enjoyed sales growth in services, online and business-to-business, but that was not enough to push it into growth.

Chief executive Graham Stapleton said: “The market has been challenging but we are pleased to have seen increased market share in our core categories.

“In the second half, we believe the economic and political uncertainty will continue to impact big-ticket discretionary spend and, therefore, as in the first half, we will continue to focus on improving gross margins and controlling costs.”

“We set out a new strategy for the business last year and while it is still early, we have already seen encouraging signs of progress. We remain confident that it is the right strategy to drive the sustainable growth of the business.”

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Retail sales have taken a dramatic tumble in May, as already challenging retail conditions are set against a background of Brexit uncertainty . Those retailers who have seen shares drop have other issues going on in the background. Halfords , Next and Cineworld are all performing badly today.

Building supplies firm SIG blamed economic uncertainty for contributing to tough conditions in the construction industry as the group posted a disappointing set of figures. Like-for-like sales at the company dropped 4.7% in the six months to December 31, with comparable revenue 2.3% lower over

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Last week, it emerged consumer confidence in personal financial situations slumped in August, driven by the increasing uncertainty caused by Brexit.

A measure recording changes in personal finances during the last 12 months fell by two points this month to -1, a decline of five points compared to August last year.

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