May 21, 2019 / 6:24 AM / a month ago

UK's Halfords profit falls 18% on weak consumer confidence, weather

LONDON, May 21 (Reuters) - British bicycles and car parts retailer Halfords on Tuesday reported a 18% fall in annual profit, blaming weak consumer confidence, unhelpful weather and investment in the business.

For the year to March 29 Halfords made an underlying pretax profit of 58.8 million pounds ($74.8 million). That was towards the bottom end of guidance of 58-62 million pounds, made in January when Halfords warned on profit, and was down from 71.6 million pounds in the 2017-18 year.

Halfords kept its guidance for profit in its new financial year to be broadly in line with 2018-19, though it cautioned the current economic environment and consumer confidence remained challenging. ($1 = 0.7862 pounds) (Reporting by James Davey, Editing by Paul Sandle)

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