HALFORDS is to stock the bicycle brand that Sir Bradley Wiggins rode to victory in last year’s Tour de France and at the London Olympic Games.
The Pinarello, already available at other chains, will be available from Halfords online and in some stores later in the spring.
Paul McClenaghan, commercial director of Halfords, said: “Our partnership with Pinarello will further extend our range at the top end.”
The announcement came in a trading update in which the company said it is likely to make larger profits than previously expected this year after its high-end cycle sales picked up pace during solid Christmas trading.
The car parts and leisure goods firm, which has 460 stores in the UK and Ireland, upgraded its full-year profit guidance yesterday after like-for-like retail sales increased 0.4 per cent in the 15 weeks to 11 January.
The gains were driven by its car maintenance section, which Halfords had prioritised for increased investment. Parts sales were up 13.2 per cent.
The group’s offer to fit bulbs, windscreen wiper blades and batteries proved especially popular, although mild and wet weather conditions affected the demand for winter products.
Overall bike sales were down 1.6 per cent on a same-store basis but premium brands, such as Carrera and its range from British Olympic cyclist Chris Boardman, were up 33 per cent and offset a “disappointing” start to Christmas.
Halfords chief executive Matt Davies, the former Pets at Home boss who joined the group in October, said it was a “satisfactory performance in tough conditions”.
He added: “Cycling sales initially disappointed but performed more strongly as the holiday period progressed and we were particularly pleased that momentum has been maintained in sales of premium cycles.”
Following the sales performance, the group said it expected pre-tax profits in the year to
the end of March to be between £68 million and £72m, compared with previous expectations of £66m to £70m.
Kate Calvert, retail expert at broker Seymour Pierce, said that while Halfords’ management still had “much to do”, profits looked to have bottomed and could now see further upgrades.
She added: “There is a limit to how much the new chief executive could have influenced the last quarter, having taken up his position in October 2012. However, we have noticed sharper direct marketing and website improvements and expect to hear more on Halfords’ retail revitalisation at its full-year results in May.”
Calvert maintained her “buy” recommendation on the shares, despite the fact that they have already appreciated by 70 per cent in the last six months. She has a 390p price target for the stock and said it should maintain its generous 22p dividend this year.