Halfords will experience a £23 million loss due to minimum wage and national insurance rises, emphasizing challenges faced by retailers with big-ticket items.
The cost implications from the recent UK Budget are particularly acute for a specialist retailer that provides expert advice and assistance to customers, face to face.
While we will work hard to mitigate these costs, we urge the Government to consider alternative ways of supporting businesses like ours.
We anticipate being able to pass through wage inflation more easily in the Autocentres business, where a greater proportion of revenue relates to services.
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