Halfords has lifted its pre-tax profit targets for the current financial year to between £55m and £65m, up from a previous forecast of £52.6m. The motoring and cycling retailer attributed this revision to "very strong" recent sales, particularly in its summer ranges.
The FTSE 250 firm stated in an unscheduled update to investors on Thursday that it has "outperformed" in recent months. This performance reflects momentum in its underlying business and a strong showing in seasonal categories, partly due to unusually warm summer weather.
Halfords, known for bikes, cycle and motoring repair services, also sells seasonal goods such as camping and barbecue equipment. Analysts at RBC Capital Markets suggested that cycling, camping, and air conditioning ranges were likely key drivers of this summer trading boost. The group plans to invest some of this additional cash into its tech and marketing departments.