Winmark Corporation, parent company of the Play It Again Sports franchisor and other retail resale banners, reported revenues for the year ended December 30, 2023 were $83.2 million, up from $81.4 million in 2022. The 2023 results were said to be impacted by the company’s decision in May 2021 to run-off its leasing portfolio.
Net income for the year amounted to $40.2 million, or $11.04 per diluted share, compared to net income of $39.4 million, or $10.97 per diluted share in 2022.
“Our 2023 results reflected positive performance by our franchise partners; however, growth was lower in the second half of the year,” commented Brett D. Heffes, chair and CEO, Winmark Corporation.
Fourth quarter 2023 net income was $9.7 million, or $2.64 per diluted share, compared to net income of $10.2 million, or $2.86 per diluted share, for the 2022 fourth quarter.
Financial performance for the fourth quarter and full year 2022 included an extra week of operations due to the company’s fiscal year ending on the last Saturday of December.
The company derives approximately 90 percent of its income from royalties and licensing income.
Image courtesy Play It Again Sports
