Winmark Corporation, the parent of Play It Again Sports, recorded a net income for the first quarter ended Mar. 26 of $3.03 million, or 58 cents a share, up from $2.2 million, or 42 cents, a year ago.
Revenues grew 13.3 percent to $11.1 million from $9.8 million a year ago. Play It Again recorded royalties that increased $161,000 for the quarter, contributing to an overall $7.1 million increase in royalties for Winmark.
John L. Morgan, chairman and chief executive officer, stated, “The growth in our first quarter operating earnings was primarily a result of increased profitability in our leasing business as well as continued strength in our franchising operations. We ended the quarter with a solid balance sheet that provides us with the ability to support the needs of our current and future leasing customers.”
At March 26, 2011, Winmark had 902 franchises in operation under the brands Play It Again Sports, Plato's Closet, Once Upon A Child, and Music Go Round. An additional 42 retail franchises have been awarded but are not open. In addition, at March 26, 2011, the company had loans and leases equal to $32.4 million.
