Winmark 1Q Profit Falls 24.6%

Winmark Corporation

revealed through a press statement that its profit for the first quarter dropped 24.6% to $4.562 million from $6.054 million in the year-ago quarter. According to the company, earnings also fell 9.4% to $1.06 a share from $1.17 a share in the comparable period. Winmark's CEO, Brett Heffes, said that "During the first quarter, our franchising business experienced modest royalty growth and the timing of customer activity in our leasing portfolio created variability in our results." The company is engaged in creating and supporting finance business. At the end of the first quarter, it had 1,154 franchises. The company indicated that an additional 84 retail franchises were awarded. However, they are yet to open. Winmark also indicated that it had a lease portfolio of $38.3 million. On Wednesday, shares of the company traded down by 3.07%.