LFL sales performance in Q3 of 2.9% is a great achievement, meeting our above consensus forecast (vs cons +1%). This was driven by strong Cycling growth where price rises were successfully passed on and volumes marginally positive. Given this is one of the most discretionary product areas at Halfords, this is very encouraging and provides good underpinning for their FX mitigation programme, and our non-consensus view on margin recovery in FY19/FY20. However, in Q3 Motoring LFLs were +0.3% due to ....
18 Jan 2018
Stand-out growth in Cycling but dilutive margin effect due to mix
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Stand-out growth in Cycling but dilutive margin effect due to mix
Halfords Group Plc (HFD:LON) | 155 3.1 1.3% | Mkt Cap: 339.3m
- Published:
18 Jan 2018 -
Author:
Matthew McEachran -
Pages:
4
LFL sales performance in Q3 of 2.9% is a great achievement, meeting our above consensus forecast (vs cons +1%). This was driven by strong Cycling growth where price rises were successfully passed on and volumes marginally positive. Given this is one of the most discretionary product areas at Halfords, this is very encouraging and provides good underpinning for their FX mitigation programme, and our non-consensus view on margin recovery in FY19/FY20. However, in Q3 Motoring LFLs were +0.3% due to ....