Halfords Slumps After UK Automotive Retailer Cuts Guidance
- Stock drops 23% as retailer trims upper end of forecast
- Customers hesitate to buy expensive leisure bikes: CEO
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Halfords Group Plc slid as much as 23%, the most in more than 10 months, after the British automotive and bicycling retailer cut its financial guidance.
The company lowered its forecast for full-year underlying profit before tax to a peak of £53 million ($67 million), trimming the high end of its guidance from £58 million on Wednesday. The move led house broker Peel Hunt to lower its own estimate for next year’s profit to £50 million.