Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Halfords forecasts 25% sales drop, tries to save cash

Published 25/03/2020, 07:33
Updated 25/03/2020, 07:35
© Reuters. A Halfords sign is seen outside a store in London

LONDON (Reuters) - British bicycles and car products retailer Halfords (L:HFD) warned that it was likely that sales would drop sharply as a result of government measures to prevent the spread of coronavirus, prompting it to try to save cash.

The company said it would suspend its dividend and try to negotiate with landlords for rent relief, adding that it was confident that it could operate within its debt facilities.

Halfords said that it was planning for a sales decline of 25% during its new financial year which starts in April, with the April-June period worst affected.

"Given the rapidly changing situation, there is no certainty on the severity or duration of the impact on the business and so we are not providing formal profit guidance for FY21 at this time," Halfords said on Wednesday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.