Winmark Corporation, the parent of Play It Again Sports, reported net income for the first quarter ended April 1, 2023, of $8.94 million, $2.49 per share, down 9.2 percent from $9.85 million, or $2.65, a year ago.
Results during the quarter were impacted by Winmark’s decision in May 2021 to run off its leasing portfolio.
Brett D. Heffes, chairman and CEO, commented, “2023 is off to a good start.”
Sales in the quarter totaled $20.5 million, up from $20.0 million a year ago. Royalties were $16.7 million versus $15.4 million, leasing income amounted to $1.64 million against $2.87 million and merchandise sales were $1.28 million against $914,300 in the year-ago quarter.
Winmark’s franchised operations focus on resale, including Plato’s Closet, Once Upon A Child, Play It Again Sports, Style Encore, and Music Go Round. At April 1, 2023, there were 1,297 franchises in operation and over 2,800 available territories. An additional 70 franchises have been awarded but are not open.
