Winmark Corp., the parent of Play It Again Sports, reported net income for the quarter ended June 28 nearly doubled to $930,500, or 17 cents a share, from $430,500, or 58 cents, a year ago. Revenues grew to $8.7 million from $7.6 million. Of those revenues, royalties climbed to $5.3 million from $4.8 million.



John L. Morgan, Chairman and Chief Executive Officer, stated, “Our franchise business continues to perform well in the current economic environment while our leasing business has some different challenges. While trying to grow our leasing portfolio, we need to be cautious with our credit decisions until the economy improves.”


For the six months, net income was $1,867,800, or 34 cents per share diluted, compared to net income of $1,060,300, or 19 cents, for the same period last year.

At June 28,  there were 857 franchises in operation under the brands Play It Again Sports, Once Upon A Child, Plato's Closet and Music Go Round and there were 56 territories in operation under the Wirth Business Credit brand. An additional 50 retail franchises have been awarded but are not open.