MINNEAPOLIS - July 17, 2013 - (BUSINESS WIRE) - Winmark Corporation (Nasdaq: WINA) announced today net income for the quarter ended June 29, 2013 of $4,336,900 (or $.83 per share diluted) compared to net income of $3,404,400 (or $.65 per share diluted) in the second quarter of 2012.
Earnings growth in the second quarter was due to a higher store count when compared to last year as well as increased sales from franchisees. Additionally, the profitability of the leasing business improved due to the size and performance of the Company’s lease portfolio. John Morgan, Chairman and CEO commented “Your company and its employees worked very hard during the quarter in preparation for our first Style Encore store, which is scheduled to open in the third quarter. We have awarded a total of eight franchise agreements to launch this exciting new women’s resale concept.”
Winmark Corporation creates, supports and finances business. At June 29, 2013, there were 986 franchises in operation under the brands Plato's Closet®, Play It Again Sports®, Once Upon A Child®, Music Go Round® and Style Encore™. An additional 67 retail franchises have been awarded but are not open. In addition, at June 29, 2013, the Company had a lease portfolio equal to $37.2 million.
This press release contains forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), relating to future events or the future financial performance of the Company. Such forward-looking statements are only predictions or statements of intention subject to risks and uncertainties and actual events or results could differ materially from those anticipated. Because actual result may differ, shareholders and prospective investors are cautioned not to place undue reliance on such forward-looking statements.
Winmark Corporation
John L. Morgan
763-520-8500
Winmark Corporation is a recognized leader in franchise-owned and operated business opportunities.