Winmark Corp., the parent of Play It Again Sports, on Wednesday announced that net income for the second quarter ended June 29 of $7.3 million, or $1.79 per diluted share, up slightly from net income of $7.1 million, or $1.73 per diluted share, in the year-ago period.
Revenue for the quarter was $17.4 million, down from $18.2 million the second quarter of 2018.
The franchisor also operates the Once Upon A Child, Style Encore and Music Go Round chains.
For the six months ended June 29, Winmark’s net income was $14.6 million, or $3.52 per diluted share, compared to net income of $14.1 million, or $3.42 per diluted share, for the same period last year.
Brett D. Heffes, CEO, said, “Our franchisees are continuing to perform at a high level, but we have been disappointed by the activity in our leasing business. The result of the recent changes to our leasing organization will be a leaner cost structure that is better aligned with the current level of operations.”
On June 29, Winmark had 1,249 franchises in operation under the brands Plato’s Closet, Once Upon A Child, Play It Again Sports, Style Encore and Music Go Round. An additional 43 retail franchises have been awarded but are not open. In addition, on June 29, the company had a lease portfolio of $33 million.
Photo courtesy Play It Again Sports