Winmark Corp., the parent of Play It Again Sports, reported net income for the quarter ended April 1, 2017 of $5.4 million, or $1.22 a share, compared to net income of $4.6 million, or $1.06, in the first quarter of 2016.
Earnings growth during the first quarter was driven by an increase in customer activity within the company’s lease portfolio and moderate royalty growth in the franchise business.
Brett D. Heffes, chief executive officer, stated “Earlier this year, we announced our initiative to partner with emerging franchisors and entrepreneurs who can benefit from Winmark’s experience in establishing, growing and managing successful businesses. We have made meaningful progress on this front, and believe that Winmark Franchise Partners will provide us with opportunities for additional growth.”
Winmark Corporation creates, supports and finances business. At April 1, 2017, there were 1,184 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 70 retail franchises have been awarded but are not open. In addition, at April 1, 2017, the Company had a lease portfolio of $41.7 million.
