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Shop occupancy rates improve despite cost-of-living crisis

30 Jan 2023

The number of shops lying vacant on British high streets fell during the final three months of 2022, despite pressure on both companies and consumers from the rising cost of living.
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Bike Europe has reported Halfords’ financial statement demonstrating that cycling sales have dropped to pre-covid levels.

18 Jan 2023

The article reports that, in 2021, Halfords saw its annual cycling sales double and stocks dry up. However, by the middle of 2022, it says, warning signs were appearing as inflation and supply... Read more…

Seaside town bucks the trend with indie retail thriving

16 Jan 2023

Weston-super-Mare seems to be one town in the UK bucking the national trend, with new shops opening and businesses reporting an increase in trade, according to a report by Bristol Live.
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Indie bookshop numbers hit 10-year high in 2022 defying tough retail climate

16 Jan 2023

The number of independent bookshops in the UK and Ireland climbed to a 10-year high in 2022, as the book trade defied the odds in an otherwise tough year for high street retailers.
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New King’s banknotes to enter circulation by mid-2024

12 Jan 2023

New banknotes featuring King Charles are to enter circulation by mid-2024. The King’s portrait will appear on four polymer banknotes (£5, £10, £20, and £50).... Read more…

Government scales back energy bill support for businesses

12 Jan 2023

The government has announced it is to scale back support for businesses and their energy bills after warning that the current level of help was too expensive.
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Sector expertise and user experience counts when it comes to retail finance

10 Jan 2023

With retail finance schemes remaining a preferable route for retailers to boost sales during recession than the financial hit required by heavy product discounting, the Association of Cycle... Read more…

Portugal becomes first EU country to cut VAT on bicycle purchases this year

10 Jan 2023

Portugal has become the first EU country to cut VAT on bicycle purchases this year, from 23% to 6%.
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One in three responds to Big Bike Revival to use bike for one in two journeys previously taken by car

9 Jan 2023

Cycling UK says that its Big Bike Revival programme, which encourages people to get unused bikes out of their garages and sheds and start using them for everyday trips, has led to a third of... Read more…

Busiest year yet for TfL’s cycle hire scheme

9 Jan 2023

Transport for London’s (TfL) cycle hire scheme saw more bikes hired during 2022 than any other year in the scheme’s history, with 11.5 million rentals across the year.
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Bike Europe has reported Halfords’ financial statement demonstrating that cycling sales have dropped to pre-covid levels.

Posted on in Business News, Cycles News

The article reports that, in 2021, Halfords saw its annual cycling sales double and stocks dry up. However, by the middle of 2022, it says, warning signs were appearing as inflation and supply chain constraints but pressure on sales.

Halfords store

One category which did report a good performance in the third quarter was kids’ bikes, with stronger year-on-year availability and Christmas gifting demand driving revenue up 4.6% compared to the financial year just ended. Adult bikes, on the other hand, performed weaker than expected, down 12.0%. The Cycle2Work scheme, a government initiative to encourage cycling, saw sales grow 20.1% compared with the financial year ending in June 2022.

“We have seen strong revenue growth in what are exceptionally challenging circumstances, and we have continued to grow our market share whilst also tightly managing our costs, inventories and cashflows,” commented Graham Stapleton, Chief Executive Officer.

“Consumer demand for our services and needs-based categories, which now account for the majority of our revenue, continues to grow.”

The company acknowledges that consumers continue to face inflation, and therefore it does not expect a significant short-term recovery in high ticket, discretionary spending. Considering this, the company has revised down its underlying pre-tax profit for FY23 of between £50m and £60m, down from previous guidance of £65m to £75m.

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