The company, which is mainly known for its bike and car part offerings, as well as staff who aren’t at all driven in helping their customers, reported a drop of 25 percent to £71 million in pretax profits for the 12 months to March 2013.
Despite it seeing a small profit in the group revenues, which were up by one percent, and a surge in cycling sales following the success of London 2012 and Sir Bradley Wiggins’ victory in the Tour de France, the company admitted it had seen a “demanding” trading environment.
It also admitted that its car repair arm, Autocentres, which in my opinion is regarded with as much trust as an Only Fools and Horses product, had seen a decline in profit.
However, this didn’t put the company off with it announcing it had opened 23 new Autocentres as investment for long-term growth continues
It has also tried to rectify its losses and appease shareholders, with chief exec Matt Davies announcing an investment plan – codenamed the very original Getting Into Gear 2016 – which will aim to reposition the retail arm of the company and focus on sales growth to support “ongoing sustainable profitability”.
The company has also pledged to improve customer service as well as refit its shops.