Cycle retailer Halfords lifts guidance, says supply snags easing - Reuters

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A member of staff works on a bike at Halfords in Rugby, Britain November 19, 2020. REUTERS/Molly Darlington

Nov 10 (Reuters) - Britain's largest cycle retailer Halfords Group Plc (HFD.L) raised its full-year earnings forecast by up to 15 million pounds ($20.23 million) on Wednesday and said supply chain disruptions were beginning to ease.

"Moving anything around the globe over the last six months has been particularly challenging," the company said in a statement, adding that freight costs in some instances have been ten times the normal rate amid a shortage of lorry drivers in the UK.

Halfords, which has benefited from a boom in cycling amid the pandemic, said demand remains good and the company is comfortable with the current availability of kids bikes and electric bikes as it heads into the Christmas trading period.

The company said it was seeing significant growth in the number of customers choosing electric forms of transport, with sales of e-bikes, e-scooters and accessories growing by more than 140% on two years ago.

Halfords, which also sells car parts, now expects full-year profit of 80 million to 90 million pounds, compared with its previous guidance of 75 million pounds.

($1 = 0.7414 pounds)

Reporting by Muvija M and Chris Peters in Bengaluru; Editing by Ramakrishnan M. and Rashmi Aich

Our Standards: The Thomson Reuters Trust Principles.

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