Overview

• Underlying pre-tax profit rose 6.4% to £38.4 million for the year to March 28, beating earlier guidance.
• The retailer offset about £33 million of inflation from NIC and minimum wage hikes with roughly £35 million in savings and targeted price increases.
• Like-for-like sales grew 2.5%, led by a 3.7% rise in its Autocentres business and a 2.1% uptick in retail.
• Halfords will close selected garages deemed unable to meet desired customer standards, with most affected staff being redeployed.
• Net cash rose to £10.1 million from £8.1 million year-on-year and CEO Henry Birch outlined a clear plan to tackle ongoing inflationary pressures.