Winmark Corp., the parent of Play it Again Sports, reported first quarter sales rose 17% to $8.9 million from $7.6 million a year ago. The Minneapolis-based franchisor earned $937,300, or 17 cents a share, in the period against earnings of $629,800, or 11 cents, a year ago.
John L. Morgan, chairman and CEO, stated, “The results of the first quarter were favorable due to the consistent performance of our franchise business and the continued growth of our leasing portfolio. We are satisfied with the quarter, but are cautious about the remainder of the year.”
At March 29, Winmark operated 858 franchises under the brands Play It Again Sports, Once Upon A Child, Plato's Closet, and Music Go Round. An additional 53 retail franchises have been awarded but are not open. In addition, at March 29, the company had loans and leases equal to $47.2 million.
