Winmark Corp., the parent of Play it Again Sports, reported earnings jumped 50.5% in the first quarter ended March 28, to $1.41 million, or 26 cents a share, from $937,300, or 17 cents, a year ago. Revenues rose 4.5% to $9.3 million from $8.9 million a year ago.
John L. Morgan, chairman and chief executive officer, stated, “The growth in our first quarter profits was primarily due to the improved performance of Winmark Capital, as well as a tighter control of selling, general and administrative expenses across all of our businesses. We are pleased with our performance, but remain cautious about the current economic environment.”
Winmark Corporation has 864 franchises in operation under the brands Play It Again Sports, Once Upon A Child, Plato's Closet, Music Go Round.
An additional 50 retail franchises have been awarded but are not open. In addition, at March 28, 2009, the company had loans and leases equal to $45.9 million.
