Winmark Corp., the parent of Play It Again Sports, announced net income for the year ended December 25, 2021, of $39.9 million, or $10.48 per share, compared to net income of $29.8 million, or $7.72, in 2020.
In the fourth quarter of 2021, net income was $11.6 million, or $3.09 per share diluted, compared to net income of $8.1 million, or $2.09 per share diluted, for the same period last year. Revenues for the year were $78.2 million, up from $66.1 million in 2020.
“Our 2021 financial results were exceptional. This is a testament to the hard work of our franchise partners, the strength of our sustainable business model as well as the incredible efforts of our employees,” said Brett D. Heffes, chairman and CEO. “The strategic decision to finalize plans for shedding all non-core activities was a key moment in our history. We believe that our focus on the large and growing resale market will benefit all Winmark stakeholders.”
Winmark’s resale franchises include Plato’s Closet, Once Upon A Child, Play It Again Sports, Style Encore, and Music Go Round. At December 25, there were 1,271 franchises in operation and over 2,800 available territories. An additional 46 franchises have been awarded but are not open.
Photo courtesy Play It Again Sports
