Winmark Corp., the parent of Play It Again Sports and several other resale franchises, reported net income of $10.4 million, or $2.81 a share, in the second quarter ended June 27, slighty down from earnings of $10.6 million, or $2.89, in the same period a year ago.
For the six months, net income was $19.6 million, or $5.31, compared $20.6 million, or $5.60, a year ago. Last year’s year-to-date results included $2.2 million of leasing income from the settlement of customer litigation.
“Winmark has continued to make investments in advance of the Plato’s Closet North American Ad Fund launch and in support of technology and innovation initiatives across our network,” noted Brett D. Heffes, chair and CEO.
Winmark’s resale franchises include Plato’s Closet, Once Upon A Child, Play It Again Sports, Style Encore and Music Go Round. At June 27, there were 1,389 franchises in operation and over 2,800 available territories. An additional 87 franchises have been awarded but are not open.
Image courtesy Play It Again Sports
