Winmark Corp., the parent of Play it Again Sports, reported sales rose 17% to $8.9 million from $7.6 million a year ago. The Minneapolis-based franchisor earned $937,300, or 17 cents a share, in the period against earnings of $629,800, or 11 cents per share, in the year-ago period.
Royalty revenues grew to $5.3 million from $5.2 million. Leasing income more than doubled to $1.95 million, but merchandise sales slid to $932,000 from $1.3 million.
John L. Morgan, chairman and CEO, stated, “The results of the first quarter were favorable due to the consistent performance of our franchise business and the continued growth of our leasing portfolio. We are satisfied with the quarter, but are cautious about the remainder of the year.”
