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| Bike sales boost Halfords profits | Bike sales boost Halfords profits |
| (about 4 hours later) | |
| The car parts and bicycles chain Halfords has said it is confident about profits despite a sales slowdown in the past three months. | The car parts and bicycles chain Halfords has said it is confident about profits despite a sales slowdown in the past three months. |
| The company has seen like-for-like sales, which exclude new stores, slip 1.1% in the quarter to September. | The company has seen like-for-like sales, which exclude new stores, slip 1.1% in the quarter to September. |
| But, despite this, it is still expected to make a full-year profit of around £94m, according to some analysts. | But, despite this, it is still expected to make a full-year profit of around £94m, according to some analysts. |
| Halfords said it was benefiting as commuters bought more bikes to avoid soaring petrol prices. | Halfords said it was benefiting as commuters bought more bikes to avoid soaring petrol prices. |
| Share rise | Share rise |
| The firm said its car parts business was also profiting from drivers choosing to save money by maintaining their existing vehicles, rather than buy new ones. | The firm said its car parts business was also profiting from drivers choosing to save money by maintaining their existing vehicles, rather than buy new ones. |
| "The group's strong cash flow see it well positioned in these challenging conditions and I remain encouraged by our prospects for the remainder of the year," said chief executive David Wild. | "The group's strong cash flow see it well positioned in these challenging conditions and I remain encouraged by our prospects for the remainder of the year," said chief executive David Wild. |
| Halfords, which is based in Redditch in Worcestershire, employs more than 10,500 staff in 455 stores. It specialises in selling car parts, cycles, and outdoor leisure and camping equipment. | |
| Halfords' share price rose more than 5% following its trading update. | Halfords' share price rose more than 5% following its trading update. |