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Halfords' uphill struggle helped by Olympics

The uphill struggle by Halfords to revive sales appears to have been given a much-needed boost from the Olympics and Tour de France.

Bradley Wiggins during the Men's Individual Time Trial Credit: Press Association

The retailer says sales have surged since Bradley Wiggins became the first Briton to win the Tour de France. And it didn't stop there as Chris Hoy and Victoria Pendleton helped Britain win gold medals at the Olympics.

Victoria Pendleton in action against Russia's Ekaterina Gnidenko in the Olympics Credit: Press Association

Halfords says:

-Cycling division saw revenues up 14.7% in the quarter to September

-By contrast, they were down 9.6% in the first quarter

(Figures compared to the previous year)

Halfords CEO resigns after summer sales slump

The chief executive of retail chain Halfords has resigned following a hefty slide in sales.

David Wild ended his four-year reign with immediate effect as the group warned over profits amid the slump.

His departure came after like-for-like retail sales dropped 7.8% in the 13 weeks to June 29 as the soggy weather brought less purchases of cycles and outdoor goods.

The group said it expected sales to be flat at best in the second half of its financial year.

The glum forecast led it to slash profit guidance from around £79 million to between £62 million and £70 million.