Winmark Corporation second quarter revenues declined 4.5% to $6.4 million, compared to $6.7 million last year. The company’s gross margins ballooned to an amazing 78.0%, 740 basis points above the 70.6% reported last year. However, SG&A expenses jumped up even faster, climbing 1,100 basis points to 62.7% of sales. This brought net income for the second quarter to $542,600, or 8 cents per diluted share, a 15.3% decline compared to net income of $726,300, or 11 cents per diluted share last year.

In related news, Play It Again Sports and USA Hockey have extended their agreement for Play It Again to remain the “Official Retail Program Partner” and “Official Ice Hockey Skate and Equipment Retailer” for USA Hockey.