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Halfords turnover up, profits fall

Halfords has reported 8.5% growth in turnover in its last accounting year, following 18 new store openings and growth in sales of in-car entertainment products.

For the year to March 31, Halfords turned over £681m, against £628m in the previous period. Operating profit dipped, however, from £89.1m to £89.3m.

Car maintenance accounts for more than a quarter of turnover, and parts sales have grown.

Falling retail prices for in-car DVD and sat-nav have grown sales, but margins are below Halfords’ average.

The company will add 20 more stores in the UK and Ireland this year, expanding its network to 428. Of these, 100 stores are in ‘supermezzanine’ format, which expands the retail floor space by up to 40%. Halfords has also developed a ‘neighbourhood’ format of 3,000-5,000sq ft, which carry less stock.

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