Halfords sees Q2 sales hike as customers keep cars longer

Bike and car parts retailer Halfords has reported a 1.7% increase in sales for the 13 weeks to June 27, citing tighter consumer finances as the cause.

The bicycle and car part retailer said the recent downturn in car sales meant consumers were keeping their existing cars longer, spending more money on maintenance products and additional equipment such as satellite navigation instead.

In addition, high fuel costs have resulted in greatly improved bike sales as motorists opt for other forms of transport to save money.

Share prices climbed 13p to 295p following the announcement yesterday.