WINMARK CORPORATION ANNOUNCES SECOND QUARTER RESULTS
Minneapolis, MN (July 12, 2005) - Winmark Corporation (Nasdaq; WINA) announced today net income for the quarter ended June 25, 2005 of $542,600, or $.08 per share diluted, compared to net income of $726,300, or $.11 per share diluted, in 2004. For the six months ended June 25, 2005, net income was $1,242,500, or $.19 per share diluted, compared to net income of $2,086,600, or $.32 per share diluted, for the same period last year.
John L. Morgan, Chairman and Chief Executive Officer, stated, “Earnings for the quarter were lower, compared to last year, due to the continued infrastructure expense of our leasing business. Our franchise business had a good quarter with a modest increase in the store level performance of our franchisees.”
Winmark Corporation provides financial services and develops franchises for retail stores that buy, sell, trade and consign used and new merchandise. At June 25, 2005, there were 797 franchise and retail stores in operation under the Company’s brands and an additional 40 franchises awarded but not open. Of the stores in operation, there were 404 Play It Again Sports®, 210 Once Upon A Child®, 142 Plato’s Closet® and 41 Music Go Round® stores.