Winmark Corp, the parent of Play It Again Sports, reported net income for the year ended December 31, 2016 of $22.2 million, or $5.13 per share, compared to net income of $21.8 million, or $4.69, in 2015.
Revenues for the year were $66.6 million, down from $69.4 million in 2015.
Fourth quarter 2016 net income was $6.2 million, or $1.41 a share, compared to net income of $5.7 million, or $1.31, for the same period last year. Sales in the quarter improved to $17.4 million from $16.9 million.
“During the year, we experienced growth in our leasing portfolio and made steady progress in both the performance and number of our franchised locations,” stated Brett D. Heffes, chief executive officer.
At December 31, 2016, there were 1,186 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 December 31, 2016, the company had a lease portfolio equal to $41.4 million.
Photo courtesy Play It Again Sports
