Winmark Corporation, the franchised owner of Play It Again Sports, reported net income in the third quarter ended September 28 rose 9.0 percent.
Earnings reached $9.1 million, or $2.24 per share, up from net income of $8.36 million, or $2.01, a year ago. For the nine months, net income was $23.7 million, or $5.76, compared to $22.5 million, or $5.43, for the same period last year.
“I am pleased with the performance of our core franchising operations during the quarter. However, during 2019, the pace of new equipment purchases in our leasing business has slowed and the size of our portfolio has declined,” commented Brett D. Heffes, chief executive officer. “We continue to explore ways to grow leased assets and acquire new customers.”
Winmark Corporation creates, supports and finances business. At September 28, 2019, there were 1,255 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 40 retail franchises have been awarded but are not open. In addition, at September 28, 2019, the company had a lease portfolio of $30.0 million.