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Mar 28, 2020
Winmark Q1 2020 Earnings Report
Winmark's net income increased slightly despite challenges from the COVID-19 pandemic.
Key Takeaways
Winmark Corporation reported a slight increase in net income for the quarter ended March 28, 2020. Earnings were positively impacted by increased customer activity in the lease portfolio and lower selling, general, and administrative expenses. However, the COVID-19 pandemic negatively impacted franchising performance during the last three weeks of the quarter, leading to temporary store closings and reduced customer traffic.
Net income for the quarter was $7,317,000, or $1.87 per share diluted, compared to $7,272,200, or $1.73 per share diluted in 2019.
Leasing income net of leasing expense was comparable to the first quarter of 2019 despite a lower portfolio size.
Selling, general and administrative expenses decreased by approximately $1.2 million compared to the first quarter of 2019.
Franchising performance was negatively impacted by the COVID-19 pandemic during the last three weeks of the quarter.
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