Halfords/Nationwide Autocentres Increase Sales 5%

23rd March 2010 | 0 Comments
 

Just a month after Halfords bought Nationwide Autocentres for £73.2 million, the new owners have reported that like-for-like sales have grown 5 per cent since the buyout. According to the company, the integration plan is “progressing well” and the programme of rebranding the centres under the Halfords moniker will be rolled out during 2011.

David Wild, chief executive officer, commented: “Halfords retail performance continues to be robust, with full year earnings now anticipated to grow by approximately 25 per cent. The acquisition of Nationwide Autocentres, completed during the quarter, logically extends our successful service proposition and provides a further opportunity for future growth.”

“With sustained growth expected from the UK retail business and the domestic focus of the group’s acquisition strategy, we have decided to close our seven stores in Central Europe. Recent performance has improved and the region has long-term attractive characteristics, but the continuing recession is severely limiting the property opportunity to move the operation to a viable scale. While an international strategy clearly represents an opportunity for future growth, the board has decided that management and financial resource is better devoted, at the present time, to the lower-risk return opportunities in our core market,” he explained.

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