On yer bike! Halfords boss quits

Stat of the day: 9.6%. How much bicycle sales fell over the past quarter, causing boss David Wild to quit.

Last Updated: 09 Oct 2013

The sodden summer has taken its toll on outdoor specialist Halfords. The gloomy weather has knocked sales of bikes and camping goods at Halfords, sparking a profit warning and the departure of CEO David Wild.

Bicycle sales fell 9.6% in the past quarter as the wet weather put customers off cycling, and it was a similar story across the rest of the business. Halfords has now slashed its profit guidance from around £79m to £62-£70m, and the company admitted sales would be flat - at best - in the second half of its financial year.

David Wild, who has been Halfords chief executive for four years, left with immediate effect as the news was announced. The company has disappointed investors in recent years, struggling to fight weak consumer spending. Still, Wild was upbeat: 'I think I have made a real difference at Halfords, and now is the right time to move on,' he said.

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