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Shares in motoring and cycling retailer Halfords (LON:HFD) crashed 22.90% to 214.80p (as of 14:45 GMT) after it revealed that like-for-like revenues for the 14 weeks to 4th January were down by 1.7% due to mild weather and poor consumer confidence. As a result, full-year profit forecasts have been adjusted to a range of £58-62 million.
CEO Graham Stapleton commented: “This has been a challenging third quarter for the business, driven by exceptionally mild weather and ongoing weak consumer confidence. Together, these factors have led us to reduce our profit expectations. Whilst this has been a difficult period, we have managed costs and margin well and our free cash flow remains strong. Halfords is a robust business and we firmly believe that the strategy we outlined in September is the right direction for the business.“