Winmark Corporation, the parent of Play It Again Sports, reported net income declined slightly in the fourth quarter and year.
Net income for the year ended December 31 was $39.4 million, or $10.97 per share, against $39.9 million, or $10.48, in 2021. The fourth quarter 2022 net income was $10.2 million, or $2.86, compared to net income of $11.6 million, or $3.09, for the same period last year.
Revenues for the year ended December 31, 2022 were $81.4 million, up from $78.2 million in 2021. Financial performance for 2022 included an extra week of operations due to the company’s fiscal year ending on the last Saturday of December.
Brett D. Heffes, chairman and chief executive officer commented, “I am pleased with Winmark’s operational and financial performance during 2022. Our talented franchise partners continue to make a positive impact in the local communities they serve. Increased marketing investments during the year yielded an improvement in new store development activity.”
Winmark’s resale franchise businesses include Plato’s Closet, Once Upon A Child, Play It Again Sports, Style Encore and Music Go Round.
At December 31, 2022, there were 1,295 franchises in operation and over 2,800 available territories. An additional 57 franchises were awarded but have not opened.
Photo courtesy Play It Again Sports
