Winmark, a Plymouth-based franchisor of resale stores, saw 3% profit growth during the third quarter, which its CEO said included a strong back-to-school season.
Back-to-school season helped resale company Winmark
Winmark, Plymouth-based franchiser of resale stores Plato's Closet, Once Upon a Child and Play it Again Sports, had a strong back to school season.
October 12, 2022 at 8:47PM
The company — which includes Plato's Closet, Once Upon a Child and Play it Again Sports — earned $10.4 million ended Sept. 24. Earnings per share increased 9.7% to $2.93.
Revenue, which includes royalties, leasing income, merchandise sales and franchise fees, was $21.2 million, up 5% from the same period last year.
The company also announced it will increase its regular quarter dividend from 45 cents a share to 70 cents a share. In addition, it declared a special dividend of $3 a share. Both dividends will be paid Dec. 1 to shareholders of record on Nov. 9.
This is the third year in a row Winmark's board has approved a special dividend following a $7.50 a share special dividend last year and a $3.00 a share special dividend in 2020.
The regular and special dividends in 2022 totaled $19.2 million and including share repurchases during the year the company has had a total return of capital to shareholders of $68.3 million.
"Today's announcement reinforces the strength of our operating model and our continued commitment to return excess capital to shareholders, said Brett Heffes, Winmark's chief executive, said in a news release.
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