Halfords has reported lower annual profits and warned the transformation plan is expected to take longer due to consumer uncertainty.
The firm’s pre-tax profit fell by 24% to £51m due to high investment and weaker sales in the run up to Christmas. Overall revenue was slightly up by 0.3% to £1.139bn.
Graham Stapleton, chief executive said, “Since launching our new strategy, we have seen encouraging early progress.
“As we strengthen our unique services proposition, customers are responding positively, and we are particularly pleased that nearly a quarter of all Halfords sales are now service related.
“Consumer confidence remains fragile; however, we remain confident that the strength of our customer offer, our people, our strategy and clear focus on our medium-term financial targets leave us well-placed for long-term sustainable growth.”