Winmark Corp Q1 FY20: revenue $18.6 mn; net income $7.3 mn

Winmark Corporation, a franchisor of value-oriented retail stores, has reported its revenue of $18.6 million in first quarter (Q1) FY20 ended on March 28, 2020 compared to revenue to $18.3 million in same period prior year. Net income for the quarter were $7.3 million (Q1 FY19: $7.2 million). Income from operations were $10.1 million ($10.0 million).

 

Winmark Corporation, a franchisor of value-oriented retail stores, has reported its revenue of $18.6 million in first quarter (Q1) FY20 ended on March 28, 2020 compared to revenue to $18.3 million in same period prior year. Net income for the quarter were $7.3 million (Q1 FY19: $7.2 million). Income from operations were $10.1 million ($10.0 million).#

“Following a strong start to the year, during the last three weeks of the quarter our franchising performance was negatively impacted by the Covid-19 pandemic. This led to a substantial number of temporary store closings and greatly reduced customer traffic for our franchised locations that were still operational during the quarter,” Brett Heffes, chairman and chief executive officer at Winmark Corporation, said in press release.

 

Winmark Corporation, a franchisor of value-oriented retail stores, has reported its revenue of $18.6 million in first quarter (Q1) FY20 ended on March 28, 2020 compared to revenue to $18.3 million in same period prior year. Net income for the quarter were $7.3 million (Q1 FY19: $7.2 million). Income from operations were $10.1 million ($10.0 million).#

Company reported 5 per cent decrease in Royalties to $11.2 million ($11.8 million) primarily from lower franchisee retail sales in the first three months of 2020 compared to the same period last year. 

 

Winmark Corporation, a franchisor of value-oriented retail stores, has reported its revenue of $18.6 million in first quarter (Q1) FY20 ended on March 28, 2020 compared to revenue to $18.3 million in same period prior year. Net income for the quarter were $7.3 million (Q1 FY19: $7.2 million). Income from operations were $10.1 million ($10.0 million).#

Leasing income grew to $5.9 million ($5.2 million) reportedly due to a higher level of equipment sales to customers when compared to the same period last year.

 

Winmark Corporation, a franchisor of value-oriented retail stores, has reported its revenue of $18.6 million in first quarter (Q1) FY20 ended on March 28, 2020 compared to revenue to $18.3 million in same period prior year. Net income for the quarter were $7.3 million (Q1 FY19: $7.2 million). Income from operations were $10.1 million ($10.0 million).#

“While our franchisees’ operations have been negatively impacted and our visibility is limited, we are still experiencing modest levels of royalties due to the ingenuity, resiliency and perseverance of our franchise partners,” Heffes said.

 

Winmark Corporation, a franchisor of value-oriented retail stores, has reported its revenue of $18.6 million in first quarter (Q1) FY20 ended on March 28, 2020 compared to revenue to $18.3 million in same period prior year. Net income for the quarter were $7.3 million (Q1 FY19: $7.2 million). Income from operations were $10.1 million ($10.0 million).#

Winmark in its results stated that the Covid-19 pandemic is affecting the company’s operations in the second quarter, and may continue to do so indefinitely thereafter.