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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Halfords Group plc    HFD   GB00B012TP20

HALFORDS GROUP PLC (HFD)
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Halfords profit falls as weaker pound lifts costs

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11/09/2017 | 10:31am CEST

(Reuters) - British bicycles to car parts retailer Halfords Group (>> Halfords Group plc) on Thursday reported a smaller than expected half-year profit, hurt by higher costs resulting from a weaker pound.

(Reuters) - British bicycles to car parts retailer Halfords Group (>> Halfords Group plc) on Thursday reported a smaller than expected half-year profit, hurt by higher costs resulting from a weaker pound.

Weakness in the currency since Britain's vote to leave the European Union has raised Halfords' sourcing costs, prompting it to implement a plan to reduce the impact, including working with suppliers and raising prices.

Sterling's depreciation resulted in a rise of 15 million pounds to Halfords' cost of sales in first half, which the company said was in line with its forecast of a total of 25 million pounds for the full year.

"Our plans to mitigate the forex impact are on track and working well. At current exchange rates this impact will reduce significantly going forward," Chief Financial Officer Jonny Mason said on a post-earnings call.

Underlying pretax profit fell by 9.8 percent to 36.8 million pounds in the 26 weeks to Sept. 29, slightly missing analysts' average estimate of 37.4 million pounds, on revenue up 3.8 percent at 588.7 million pounds.

The retail gross margin dropped by 182 basis points to 45.7 percent, the company said in a statement.

Shares in Halfords were down 5.6 percent at 315 pence 0921 GMT, though Investec Securities analysts said the worst of the forex headwinds are now behind the company.

Halfords, undergoing a leadership transition after former CEO Jill McDonald moved to Marks & Spencer (>> Marks & Spencer Group), stuck to its guidance for the full year, which will include the crucial Black Friday and Christmas holiday season sales.

The retailer has appointed Dixons Carphone (>> Dixons Carphone) executive Graham Stapleton as its new CEO from January, with Mason filling the post on an interim basis.

Haldfords said it would pay a 3 percent higher interim dividend of 6 pence per share.

(Reporting by Ismail Shakil in Bengaluru; Editing by David Goodman)

Stocks treated in this article : Dixons Carphone, Marks & Spencer Group, Halfords Group plc
Stocks mentioned in the article
ChangeLast1st jan.
DIXONS CARPHONE -0.56% 178.9 Delayed Quote.-9.67%
HALFORDS GROUP PLC -0.45% 353 Delayed Quote.1.37%
MARKS & SPENCER GROUP 0.06% 311.4 Delayed Quote.-1.14%
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Financials (GBP)
Sales 2019 1 160 M
EBIT 2019 74,5 M
Net income 2019 58,5 M
Debt 2019 70,4 M
Yield 2019 5,10%
P/E ratio 2019 12,06
P/E ratio 2020 11,21
EV / Sales 2019 0,67x
EV / Sales 2020 0,64x
Capitalization 706 M
Chart HALFORDS GROUP PLC
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Technical analysis trends HALFORDS GROUP PLC
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 13
Average target price 3,50  GBP
Spread / Average Target -1,3%
EPS Revisions
Managers
NameTitle
Graham Barry Stapleton Chief Executive Officer & Director
Dennis Henry Millard Chairman
Jonathan Peter Mason Chief Financial Officer & Director
Claudia I. Arney Independent Non-Executive Director
David Alexander Robertson Adams Senior Independent Non-Executive Director
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