# UK retailer Halfords posts lower annual profit
Author:  Pal Sinha,Barnali
Author URL: https://fintechherald.com/author/pal-sinha-barnali
Published: 2024-06-27
Category: Headlines
Category URL: https://fintechherald.com/category/headlines
Meta Title: Halfords Group Reports Lower Annual Profit in Challenging Market Conditions
Meta Description: British bicycle and car products retailer Halfords Group sees fall in annual profit as footfall declines and cost inflation remains a significant issue.
URL: https://fintechherald.com/uk-retailer-halfords-posts-lower-annual-profit

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## UK retailer Halfords posts lower annual profit   (Reuters) -British bicycle and car products retailer Halfords Group reported a fall in annual profit on Thursday as footfall across its stores declined due to challenging market conditions and wet weather.    The prolonged cost-of-living crisis has forced Britons to cut spending on discretionary spending, particularly big-ticket purchases like electric bikes and satellite navigation systems.    “Elevated cost inflation continued to be a significant headwind, increasing the cost base by approximately 37 million pounds in fiscal 2024,” the company said in a statement.    In February, Halfords said it was seeing “very challenging and exceptional short-term market conditions” and was cautious about a recovery.    Underlying pre-tax profit from total operations came in at 36.1 million pounds ($45.62 million) for the year ended March 29, compared with 44.2 million pounds it logged in the previous year.    Analysts on average were expecting the firm to clock a profit of about 36.2 million pounds, according to a company-compiled consensus.    ($1 = 0.7913 pounds)    (Reporting by Echha Jain in Bengaluru; Editing by Subhranshu Sahu)


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