Winmark Corporation, the parent of Play It Again Sports, reported net income for the quarter ended Mar. 28 of $6.05 million, or $1.17 cents a share, compared to net income of $4.55 million, or 86 cents, in the first quarter of 2014.
John L. Morgan, chairman and chief executive officer, commented, “Both our franchising and leasing businesses exhibited solid top-line growth in the first quarter which led to a 34 percent increase in operating income. We are pleased with our start to the year.”
At Mar. 28, Winmark had 1,099 franchises in operation under the brands Plato's Closet, Once Upon A Child, Play It Again Sports, Music Go Round and Style Encore. An additional 110 retail franchises have been awarded but are not open. In addition, at Mar. 28, the company had a lease portfolio equal to $42.9 million.
