Business
Pre Close Trading Update
Pre Close Trading Update.
About this update from Halfords Group Plc
[{"type":"text","content":"\n Halfords Group PLC\n03 April 2008\n\n\n\n\n\nHalfords Group plc ('Halfords')\n\n\n\nPre Close Trading Update\n\n\n\n3 April 2008\n\n\n\nHalfords, the UK's leading auto, leisure and cycling products retailer, today\nissues the following trading update for the 52 weeks to 28 March 2008.\n\n\n\nSales have increased by 7.2% over the equivalent period last year and\nlike-for-like sales increased by 4.2%. Sales growth was achieved in all\ncategories, with the strongest performances in Car Maintenance and Cycling.\n\n\n\nEffective trading strategies have enabled the company to deliver a gross profit\nperformance in line with the guidance previously given.\n\n\n\nThrough the combination of good growth in sales and close scrutiny of costs the\ncompany is expecting to declare a full year profit before tax in line with\nmarket expectations and reflecting the ongoing share buyback programme1\nanticipates it will announce high single digit growth in earnings per share.\n\n\n\nIn the nine week period since the February Interim Management Statement sales\nhave increased by 7.6% over the equivalent period last year and like-for-like\nsales increased by 4.6%. This includes the Easter trading period in weeks 51 and\n52, which are non comparable2.\n\n\n\nThe company's sales in the seven weeks to 14 March (i.e. excluding the two\nEaster weeks) therefore provide a more appropriate indicator of current trading.\nIn this period sales growth, at 6.2%, representing a like-for-like increase of\n3.2% was in line with the underlying sales performance reported at the last\ncompany update; and provides further evidence of the resilient nature of the\ncompany's trading.\n\n\n\n\n\nNotes.\n\n\n\n1. Since the last update on the 7 February 2008 the company has purchased\n3,617,500 of its own shares for a consideration of £9,856,132, at an average\nprice of 272.5 pence per share. Cumulatively since the buy back programme\ncommenced on 8 June 2006, 18,457,694 shares have been purchased at an average\n325.6 pence per share.\n\n\nThe company has entered into an irrevocable and non-discretionary arrangement\nwith its broker, Citigroup, to repurchase on its behalf and with specified\npre-set parameters, ordinary shares in the company for cancellation during the\nCompany's closed period commencing on 3 April 2008 and ending on 4 June 2008.\n\n\n\n2. The Easter holi...