Shares of Halfords Group PLC (LON: HFD) tumbled 5% on Tuesday after the retailer warned that “significant uncertainty” remained for the second half of its 2020-21 year.
Halfords saw bicycle sales surge by 59% on almost five months leading to August 21. Group like-for-like sales soared by 5% as sales of motoring products plunged by 28.6%, therefore offsetting gains in the bicycle unit.
“Given the natural fall-off in the relative strength of cycling and staycation products during winter months, alongside a difficult economic outlook, H2 FY21 profit before tax could be significantly lower than H1 FY21,” the firm said in a statement.
In line with the global trend, Halfords witnessed a jump of 160% in online sales as sales of electric bikes and scooters skyrocketed 230%.
Halfords share price is currently trading more than 4% lower after the buyers printed a fresh 3-month high above the 190p mark.