The bikes-to-car parts and servicing retailer now expects full-year profit of between £80m to £90m, compared with its previous guidance of £75m.
Halfords shares jumped 11% by 0843 GMT, on track for their best day since September last year. The company, which has benefited from a surge in cycling during the COVID-19 pandemic, said it now expects earnings in its 2022 financial year to be between 80 million pounds ($108.3 million) and 90 million pounds, up from a previous forecast of 75 million pounds. Britons picked up cycling for its health benefits as well as to avoid public transport during the health crisis, with data from research company Statista showing the number of people cycling for sport, leisure or travel rose above 7.5 million in England last year.
The company said total sales were up 26% in the year to 26 June, despite stores being closed for months during the coronavirus pandemic.