LONDON, June 21 Reuters Britain39;s Halfords forecast profit would rise 3 in its current financial year, as it aims to grow market share across the bikes and car parts sectors by keeping prices low as consumers struggle with a cost of living crisis.

For the 12 months to the end of March 2024, Halfords said it was comfortable with analysts39; consensus forecast of 53.3 million pounds 68.1 million.

That compares to the 51.5 million pounds it reported on Wednesday for its last financial year, a fall of 38 on the previous year, with the decline a result of the inflationdriven cost of living crisis and a tough comparison against the COVIDera.

Halfords said sales from cycling and tyres markets were 24 and 14 lower in its last financial year as consumers reined in spending. Chief executive Graham Stapleton said the group had invested in prices to keep them competitive.

In a very challenging year, our focus has been on supporting both customers and colleagues through the costofliving crisis, he said in a statement.

During the pandemic, Halfords profit soared on rising demand for bikes and as consumers, buoyed by higher levels of disposable income, kitted out their cars with new tyres and other products.

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Reporting by Sarah Young; editing by James Davey

Source Reuters