Halfords shares plunge after unscheduled profit warning

Motoring and cycling retailer blames slump on wet weather and customers buying bicycles on credit

Halfords shares have plunged by almost a quarter after it issued an unscheduled profit warning, in part because of more consumers buying bicycles on credit.

The motoring and cycling retailer said it expected to post profits of between £35m and £40m for the year up to this April, well down on its initial forecast of between £48m and £53m.

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