THE BOSS of Halfords has quit with immediate effect following a fresh drop in quarterly sales that was branded “disastrous” by analysts.
David Wild abruptly quit his post yesterday after four years at the helm, and the bicycle and car parts retailer has mandated headhunter Egon Zehnder to help with the search for Halfords’ new chief executive.
The FTSE 250-listed firm admitted that it had suffered a “weak start to the quarter”, and overall saw a 5.6 per cent slump in like-for-like group revenues.
And the outlook remains grim, with Halfords expecting like-for-like sales in the second half to be flat to mid-single-digit negative.
In line with other retailers experiencing a sales drought this year, Halfords blamed the rain for some of its woes.
“The consumer environment remains difficult and the unseasonal weather conditions this quarter had a direct impact on sales of cycles and outdoor leisure products,” said Dennis Millard, who is acting as executive chairman until a permanent leader is found.
The company set out plans for a strategic overhaul in May, narrowing its focus in a bid to slow its sales slump.