UK cycling glory drives boost in bike sales
LONDON (AP) — Britain's cycling success in the Olympics and the Tour de France has put bicycle sales in a higher gear nationwide.
Halfords Group PLC, which sells bikes as well as car equipment, says Thursday that its bike sales have risen since Bradley Wiggins triumphed at the Tour de France in July and Britain won multiple gold medals at the London Olympic Games.
The cycling division's same-store revenues were up 14.7 percent in the quarter to Sept. 28 from the year before. By contrast, they were down 9.6 percent in the first quarter.
Overall, Halfords sales in the first half of the year were 0.4 percent higher. Investors were impressed and Halfords' share price jumped 14 percent.
Despite the advance, the company remains cautious given a difficult economic outlook.