Winmark Corp., the parent of Play It Again Sports, reported second-quarter earnings rose to $4.75 million, or $1.04 a share, from $4.3 million, or 82 cents, a year ago.
Revenues for the retail franchisee climbed 10.2 percent to $15.5 million from $14.0 million. Royalty income reached $10.2 million against $9.2 million.
The company said its earnings per share growth during the second quarter was primarily driven by an increase in royalties in the franchising business and the positive impact of the previously announced self-tender offer.
At June 27, Winmark had 1,116 franchises in operation under the brand's Plato's Closet, Once Upon A Child, Play It Again Sports, Music Go Round and Style Encore. An additional 108 retail franchises have been awarded but are not open. In addition, at June 27, the company had a lease portfolio equal to $38.7 million.
