Q1 Sales up 282 per cent over previous year’s first quarter
Toronto, Ontario, May 31, 2019 (GLOBE NEWSWIRE) — Franchise Holdings International Inc. (OTCQB: FNHI), through its Worksport subsidiary, is pleased to announce record shattering revenues for Q1, 2019. On May 31, 2019, Worksport reported record sales growth of 282% with recorded revenues of $572,000 for the 90 days ending March 31, 2019 as compared to $150,000 for the year before. The net loss for the company was also drastically slashed by 82%, nearing the company towards reporting earnings.
Q1 revenues exceeds all of 2018 revenues by 19%
Sales are up 282% year over year
Gross profit increase of 1,173%
Gross profit for Q1 beats all of 2018 profit by 43%
Net loss reduced by 82%, nearing profitability.
“We are beating and exceeding previous projections, with Q1 sales surpassing all previous sales since inception and in one quarter have also topped all of 2018 sales,” said FNHI and Worksport CEO Steven Rossi. “These results have occurred due to wider acceptance of our innovative light truck covers in both the retail and private label markets.”
Gross profit up 1,173%
Rossi estimated that FNHI would post earnings in 2019, with gross profit up 1,173 per cent over the same quarter last year. “In one quarter, our gross profit is 43 per cent higher than all of 2018’s combined gross profit,” Rossi said. “The company continues to focus on sustainable growth of its revenues to show strong earnings and is well on the way to achieving our now attainable growth plans. We’re rotating a $1 million order book; this growth, this soon is unprecedented. With a focus on new products and a burgeoning design and patent portfolio it’s sustainable.”
“Worksport’s recent growth has much to do with its world class team,” Rossi said. “We have a very tightly held group, all with different skill-sets. With members in Canada, the U.S., China, Europe and Latin America, our success would not be possible without them.” Rossi said. “There is and always will be a natural ebb and flow to business. I promise there will be valleys ahead but they will come with higher peaks, as we focus on building out our own market as a leader and innovator. Brick by brick.”
About Worksport Ltd
Worksport Ltd., a wholly owned subsidiary of Franchise Holdings International. Inc. is an innovative manufacturer of high quality, functional, and aggressively priced tonneau/truck bed covers for light trucks like the F150, Sierra, Silverado, Canyon, RAM, and Ford F-Series. For more information please visit www.worksport.com
About Franchise Holdings International
Listed on the OTCQB Market under the trading symbol “FNHI” and currently in the process of a dual listing on a Canadian Stock Exchange, Franchise Holdings International’s strategy is to acquire business in the fastest growing business segments and to create shareholder value in the process. Once a business of interest is acquired, our mission is to further develop and accelerate the growth for all of our acquired subsidiaries. Currently the Corporation has one fully owned subsidiary, Worksport Ltd.
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