Winmark Corp., the parent of Play It Again Sports, reported net income for the quarter ended June 25, 2016 of $5.4 million, or $1.25 per share, improving from income of $4.75 million, or $1.00, in the second quarter of 2015.
For the six months, net income was $10.0 million, or $2.31 a share, compared to net income of $10.8 million, or $2.18, a year ago.
“The second quarter was a strong one for Winmark.” stated Brett D. Heffes, Chief Executive Officer. “Steady franchisee performance, increased leasing activity and sound expense control combined to deliver outstanding growth in operating income and per share results.”
Winmark Corporation creates, supports and finances business. At June 25, 2016, there were 1,169 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 74 retail franchises have been awarded but are not open. In addition, at June 25, 2016, the company had a lease portfolio equal to $37.0 million.
