Halfords sees spike in exercise bike sales as Brits try to keep fit

A surge in housebound Brits snapping up exercise bikes to keep fit at home has boosted Halfords, the retailer said today.

The bikes-to-car parts seller has seen sales of its “Turbo Charger” range spikes in the last two weeks, as well as demand for car batteries, bulbs and blades as drivers make sure their car is roadworthy amid the coronavirus crisis. The shares rose 30% to 79p.

Halfords chief Graham Stapleton said: “People who are not able to get out still want to exercise indoors.” Stapleton said in London many customers were opting to use bikes instead of the tube. “Cycling is a great way to get exercise and maintain social distancing at the same time.”

US exercise bikes specialist Peleton has seen its stock rise since the crisis as cyclers get their fitness fix.

Halfords – classed as essential by Government – has switched its stores to operate as drive-thrus. Staff will fetch goods for shoppers who wait outside, to ensure social distancing.

Stapleton said it could have reopened shops immediately after Monday night’s confirmation it would be exempt from mandatory closures, but it was busy cleaning stores and ensuring they are safe.

“We have completely change the way we operate our stores. Customers can now drive in and pick up products or get repairs done. It will hit sales because people will not be browsing in stores.”

Stapleton said customers had contacted him personally to ask why stores were not open yesterday given the chain’s essential status. Yesterday Sports Direct owner Frasers, which owns the Evans Cycles chain, u-turned on plans to keep stores open as it sought clarification on its status from Government.

But Halfords warned that sales could still slide 25% this year, representing a £300 million sales hit. Profits could miss its forecast range of £50 million to £55 million.

Analysts at Investec said: “Halfords falls under the classification of an essential retailer. Its Autocentres and Mobile vans are still open, and within Retail, the business is working through safety plans over the next 2 days to provide partial store coverage later in the week.