Winmark Corp (WINA) Reports Strong Q3 Earnings with Net Income of $11.15 Million
Winmark Corp (NASDAQ:WINA) announces Q3 net income of $11,149,800, up from $10,368,600 in 2022.
Earnings per share increased to $3.05, compared to $2.93 in the same period last year.
Total revenue for Q3 2023 reached $22,317,800, up from $21,164,500 in Q3 2022.
As of September 30, 2023, the company operates 1,312 franchises with over 2,800 available territories.
Winmark Corp (NASDAQ:WINA), a nationally recognized franchising business, released its Q3 earnings report on October 18, 2023. The company reported a net income of $11,149,800 or $3.05 per share diluted, compared to a net income of $10,368,600 or $2.93 per share diluted in the same period last year. For the nine months ended September 30, 2023, net income was $30,461,300 or $8.40 per share diluted, compared to a net income of $29,248,300 or $8.11 per share diluted for the same period last year.
Financial Performance Overview
Winmark Corp (NASDAQ:WINA)'s total revenue for Q3 2023 was $22,317,800, an increase from $21,164,500 in Q3 2022. This was driven by increased royalties, leasing income, merchandise sales, franchise fees, and other income. The company's income from operations also saw a rise to $15,122,500 from $14,421,100 in the same quarter last year.
Balance Sheet Highlights
As of September 30, 2023, Winmark Corp (NASDAQ:WINA) reported total current assets of $43,811,600, a significant increase from $18,103,800 as of December 31, 2022. The company's total liabilities also increased to $90,111,000 from $92,087,800 in the same period. The company's total shareholders' equity improved to $(34,563,500) from $(61,632,100) as of December 31, 2022.
Statement of Cash Flows
The company's net cash provided by operating activities for the nine months ended September 30, 2023, was $35,231,400, up from $34,205,300 in the same period last year. The net increase in cash, cash equivalents, and restricted cash was $26,915,500, compared to $5,604,000 in the same period last year.
Company's Outlook
Winmark Corp (NASDAQ:WINA) continues to champion and guide entrepreneurs interested in operating one of their award-winning resale franchises. As of September 30, 2023, there were 1,312 franchises in operation and over 2,800 available territories, with an additional 72 franchises awarded but not yet open.
This article first appeared on GuruFocus.
