Winmark (NASDAQ:WINA) ticked higher Wednesday after announcing better-than-expected third-quarter earnings as the company continues to open and operate more franchises.
The Minneapolis-based company posted net income for the period ended Sept. 25 of $2.69 million, or 51 cents a share, compared with $1.8 million, or 33 cents a share, in the same quarter last year.
Revenue for the franchiser of retail stores that buy, sell, trade and consign merchandise in the US was $11 million, up from $9.8 million in the year-earlier period.
The results trumped average analyst estimates polled by Thomson Reuters of 40 cents a share for earnings and $10.11 million in revenue.
“The positive trends in our business continued during the third-quarter,” Winmark CEO John L. Morgan said in a statement. “Our strong financial performance included the further strengthening of our balance sheet.”
As of Sept. 25, Winmark had 892 franchises in operation under the brands Plat It Again Sports, Plato’s Closet, Once Upon A Child, and Music Go Round. Another 16 territories are operating with the Wirth Business Credit brand, and another 29 have been awarded but have yet to open.