Retailer Halfords has posted a 10.5 per cent fall in annual profits as it took a hit from the weak pound and saw the timing of Easter knock recent sales.
The Redditch-based listed group, which sells bikes, car parts and accessories, reported pre-tax profits of £71.4 million for the year to March 31, down from £79.8 million in 2015/16.
It said the pound's plunge following the EU referendum last June had sent the costs of imported goods surging by £14 million.
Total revenue for the period was £1.09 billion, up seven per cent from £1.02 billion.
Chief executive Jill McDonald, who clothing, home and beauty business, said: "Profit performance for the year was impacted by the weaker pound but our plans are well developed and I am confident this will be offset over time."
Halfords warned the weak pound would continue to impact profits but said plans to offset the cost pressures were "encouraging".
Ms McDonald added that, while there was "uncertainty" in the consumer spending outlook given the squeeze on household finances from rising inflation, the group had not so far seen any impact of this on trading.
She added: "We enter a challenging period from a macroeconomic perspective, with uncertainty over consumer spending and sterling depreciation bringing input cost headwinds.
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"However, we approach this on the front foot and from a position of strength."
Bikes sales were 5.1 per cent higher for the year while travel products rose by 7.9 per cent.
Its autocentres service delivered a 0.6 per cent rise in sales across the year.
The group is now hunting for a replacement for Ms McDonald ahead of her departure in the autumn.
Dennis Millard, chairman of Halfords, said: "We are grateful for the positive contribution Jill has made across the business and she will leave Halfords with a strong team in place and a clear direction to drive future growth."