Footfall Up Alongside Gross Profit at HiQ
HiQ has reported year-on-year increases in turnover and gross profit in its half-year report. Turnover has risen by more than 7 per cent, while gross profit increased by “a double digit figure”, the network reported. In addition, HiQ’s 145 centres welcomed more than 8 per cent additional customers. The fast fit network said its partnership-led franchise structure is a major factor behind the increases. The number of HiQ sites has increased by six since the end of April, suggesting this has had a strong role in the continued upward trend.
HiQ’s retail director Juergen Titz said the impressive performance was testament to the partnerships between HiQ and their network of franchisees: “The results are a welcome boost for everyone associated with HiQ, and represent a show of strength as we continue to perform very strongly in the market. These results continue to prove that our entrepreneurial approach, coupled with a franchise concept, is working well.”
In a sell out market HiQ describes as flat compared to 2009, the network has increased its percentage of sales by more than 5 per cent. Titz added: “We are seeing some noteworthy successes in the expansion of the network, and continue to support our business partners in a number of ways to help them achieve their goals.
“These half year business results tell us that we are succeeding in many ways, but we have another 6 months of work ahead and we must retain our focus. We have a spirit and dynamism around everything we do, which is important. We have new partners on board and we will continue to aggressively expand the network in 2010 and beyond.
“Each franchisee must exploit the vast range of support that we have to offer through our create demand programme. Local heroes at each centre, coupled with our strong national retail brand, will make the difference.”