Winmark Corporation, the parent of Play It Again Sports, reported net income for the year ended December 26, 2020 of $29.8 million, or $7.72 per share, down 7.2 percent compared to net income of $32.1 million, or $7.84, in 2019.
The fourth quarter 2020 net income was $8.1 million, or $2.09 per share, compared to net income of $8.5 million, or $2.08, for the same period last year, a decline of 4.3 percent.
Revenues for the year ended December 26, 2020 were $66.1 million, down from $73.3 million in 2019.
“In light of the disruption to our franchise store operations from the resurgence of COVID-19 during the fourth quarter, we are satisfied with our results,” commented Brett D. Heffes, chairman and chief executive officer. “Our franchisees and employees have continued to respond well to the challenging environment with resolve and determination. Our committed franchisees continue to serve local communities by providing a safe, convenient way to buy and sell gently used items. Winmark continues to be a leader in the circular economy and has been at the forefront of the sustainability movement for over thirty years.”
As of December 26, there were 1,264 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 30 retail franchises have been awarded but are not open.
Photo courtesy Play It Again Sports