Exhibit 99.1 Contact: Anthony D. Ishaug 763/520-8500 FOR IMMEDIATE RELEASE WINMARK CORPORATION ANNOUNCES YEAR END RESULTS Minneapolis, MN (February 21, 2024) - Winmark Corporation (Nasdaq: WINA) announced today net income for the year ended December 30, 2023 of $40,178,100 or $11.04 per share diluted compared to net income of $39,424,900 or $10.97 per share diluted in 2022. The fourth quarter 2023 net income was $9,716,800 or $2.64 per share diluted, compared to net income of $10,176,600 or $2.86 per share ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 (I.R.S. Employer Identification No.) WINMARK CORPORATION (Exact name of registrant as specified in its charter) or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Minnesota 41-1622691 Commission ...

Franchise Operations - As of December 31, 2022, Winmark operated 1,295 franchises across the United States and Canada, with over 2,800 available territories[20] - The franchisee renewal rate for 2022 was 100% across all brands, with 144 renewals completed[33] - Winmark has signed 57 new franchise agreements, with the majority expected to open in 2023[40] - The company renewed 99% of franchise agreements up for renewal in the past three years, indicating strong franchisee retention[59] - A total of 180 franchise agreements will expire in 2023 across five brands, highlighting the importance of renewals for financial performance[83] Financial Performance - Total revenue for the year ended December 31, 2022, was $81.4 million, an increase of 4.1% compared to $78.2 million in 2021[119] - Net income for the fiscal year ended December 31, 2022, was $39,424,900, compared to $39,919,900 in the prior year, reflecting a slight decrease of 1.2%[165] - Earnings per share (EPS) for basic shares was $11.30 for the fiscal year ended December 31, 2022, up from $10.87 in the previous year, representing an increase of 3.9%[165] - The company reported royalties of $67,148,100 for the fiscal year ended December 31, 2022, an increase of 10.5% from $60,779,300 in the previous year[165] - The franchising segment's operating income rose by $4.2 million, or 9.3%, to $49.0 million in 2022 from $44.8 million in 2021[133] Revenue Sources - System-wide sales for 2022 reached $1.534 billion, representing a growth of approximately 9.1% from $1.406 billion in 2021[30] - The total royalties and franchise fees for 2022 amounted to $68.7 million, which is 84.4% of consolidated revenue, up from 79.6% in 2021[33] - Winmark's Canadian franchise revenues were approximately $6.4 million, an increase from $4.9 million in 2021[23] - Total revenue increased to $81.4 million in 2022 from $78.2 million in 2021, with franchising revenue contributing $74.5 million[131] Expenses and Liabilities - Selling, general and administrative expenses rose by $0.9 million, or 3.9%, in 2022 compared to the previous year[110] - Interest expense increased by 100.5% in 2022 compared to the previous year, reflecting higher borrowing costs[118] - Total liabilities increased to $92,087,800 as of December 31, 2022, from $65,982,400 in the previous year, reflecting a significant rise of 39.8%[163] - The company’s total long-term liabilities increased to $81,492,300 as of December 31, 2022, from $56,004,800 in the previous year, representing an increase of 45.7%[163] Cash Flow and Assets - Cash flow from operating activities provided $43.8 million in 2022, down from $48.3 million in 2021, primarily due to decreased principal collections on lease receivables[136] - As of December 31, 2022, the company had $13.7 million in cash, cash equivalents, and restricted cash, compared to $11.4 million at the end of 2021[136] - Total current assets rose to $18,103,800 as of December 31, 2022, compared to $17,432,300 in the previous year, indicating an increase of 3.8%[162] Market and Competition - The company faces competition from various retailers, including large chains and online marketplaces, impacting franchisee sales[60] - Franchisees depend on a reliable supply of used merchandise, which may be affected by public demand and regulatory requirements[87] Operational Changes - The company has ceased operations in its small-ticket financing business, selling the remaining portfolio for approximately $0.7 million[67] - The middle-market leasing business is in a run-off phase, with expected declines in leasing revenues and cash flows[68] Diversity and Inclusion - Approximately 50% of the company's employees identify as female, reflecting a commitment to diversity and inclusion[77] Advertising and Marketing - The company emphasizes a minimum advertising spend of 5% of gross sales for franchisees to promote their stores[50] - Franchisees must spend 5% of gross sales on advertising, with the potential to increase this to 6%[55] - Advertising costs rose to $491,900 in fiscal year 2022, up from $348,200 in fiscal year 2021, marking an increase of 41.1%[193]

Financial Performance - System-wide sales for 2021 reached $1,406.6 million, a 30.8% increase from $1,075.0 million in 2020[27] - Total revenue for the fiscal year ended December 25, 2021, was $78.2 million, an increase of 18.4% from $66.1 million in 2020[116] - Net income for the fiscal year ended December 25, 2021, was $39,919,900, up 33.8% from $29,823,300 in the prior year[165] - Earnings per share (EPS) - basic increased to $10.87 for the fiscal year ended December 25, 2021, compared to $8.02 in the previous year, reflecting a 35.5% growth[165] - Cash provided by operating activities was $48,346,200 for the fiscal year ended December 25, 2021, compared to $43,221,300 in the previous year, indicating an increase of 7.8%[170] - The franchising segment's operating income rose by $12.9 million, or 40.6%, to $44.8 million in 2021 from $31.9 million in 2020[130] - Royalties increased to $60.8 million in 2021, up 31.3% from $46.3 million in 2020, primarily due to higher franchisee retail sales[117] Franchise Operations - As of December 25, 2021, there were 1,271 total franchised stores, with a renewal rate of 99%[30] - The company had 46 signed franchise agreements as of December 25, 2021, with most expected to open in 2022[35] - The company renewed 99% of franchise agreements up for renewal in 2021, maintaining a renewal rate between 98% and 99% over the last three years[111] - A total of 144 franchise agreements will expire in 2022, with 183 in 2023 and 151 in 2024 across five brands, highlighting the importance of renewals for financial performance[79] - Franchisees are required to spend a minimum of 5% of their gross sales on approved advertising and marketing[45] - The franchisee training program includes business plan development and operational support, ensuring franchisee success[37][38] Sustainability and E-commerce - The company purchased over 165 million items across its five resale brands in 2021, promoting sustainability and reducing waste[32] - The e-commerce platform allows franchisees to market and sell inventory online, enhancing brand awareness and driving local sales[29] - The company is focused on sustainability and small business formation, which is designed to generate consistent, recurring revenue[108] - The company may face challenges in capitalizing on the increasing demand in the e-commerce channel, which could affect sales growth[105] Competition and Market Environment - The company operates in a highly competitive retail environment, facing competition from both new merchandise retailers and resale stores[85] - The franchise system faces competition from established retailers and online marketplaces, which may impact sales[55] - The company is dependent on new franchisees for revenue growth, with macro-economic conditions potentially affecting franchise openings[80] Financial Risks and Liabilities - There is a risk of not being able to collect accounts receivable from franchisees, which could adversely impact financial results[84] - The company is subject to credit risk in its lease portfolio, and inadequate allowance for credit losses could reduce operating income[86] - The company has existing indebtedness and relies on cash flows from operations to meet debt service obligations[89] - The company expects to generate sufficient cash flows from operations to meet its debt service obligations[148] Employee and Diversity - Approximately 50% of the company's employees identify as female, reflecting a commitment to diversity and inclusion[73] Seasonal Trends - The company has experienced higher sales volumes during spring and back-to-school seasons for certain brands, indicating seasonal trends[69] Leasing Business - Winmark Capital Corporation will no longer solicit new leasing customers and will pursue an orderly run-off of its leasing portfolio[19] - The leasing business has been phased out, with a decision made in May 2021 to no longer solicit new leasing customers, leading to anticipated revenue declines[63] - The Company decided to no longer solicit new leasing customers in its middle-market leasing business and will pursue an orderly run-off of this leasing portfolio as of May 2021[213] Cash and Investments - The company ended 2021 with $11.4 million in cash, cash equivalents, and restricted cash, up from $6.7 million at the end of 2020[132] - The company had cash and cash equivalents of $11,407,000 as of December 25, 2021, an increase from $6,659,000 on December 26, 2020[163] - The company had principal collections on lease receivables of $9,915,400 for the fiscal year ended December 25, 2021, down from $14,829,200 in the previous year[170] Tax and Compliance - The effective tax rate decreased to 19.9% in 2021 from 22.6% in 2020, primarily due to higher tax benefits on stock options[126] - The company was in compliance with all financial covenants under the Line of Credit and Note Agreement as of December 25, 2021[147]

Financial Performance - System-wide sales for 2020 were $1,075.0 million, a decrease of 10.6% from $1,203.3 million in 2019[29]. - Total revenue for the fiscal year ended December 26, 2020, was $66.1 million, a decrease of 9.9% compared to $73.3 million in 2019[135]. - Net income for the fiscal year was $29.8 million, compared to $32.1 million in 2019, reflecting a decrease of 7.2%[135]. - Total revenue declined to $66.1 million in 2020 from $73.3 million in 2019, representing a decrease of approximately 9.9%[148]. - Franchising segment revenue decreased to $51.6 million in 2020 from $57.2 million in 2019, a decline of 9.3%[148]. - Leasing segment revenue decreased to $14.5 million in 2020 from $16.1 million in 2019, a decrease of 9.8%[148]. - Royalties decreased to $46.3 million in 2020 from $51.4 million in 2019, a 10.0% decrease due to lower franchisee retail sales attributed to COVID-19[136]. - The company's net income for the fiscal year ended December 26, 2020, was $29,823,300, compared to $32,149,300 in 2019, reflecting a decrease of 10.3%[184]. - Cash flow from operating activities provided $43.2 million in 2020, down from $50.6 million in 2019[153]. - Cash and cash equivalents decreased to $6.7 million at the end of 2020 from $25.2 million at the end of 2019[152]. Franchise Operations - As of December 26, 2020, the company had 1,264 franchised stores, with 26 opened and 18 closed during the fiscal year[31]. - The franchise renewal rate was 99% for the fiscal year ended December 26, 2020, indicating strong franchisee satisfaction[31]. - The company has 30 signed retail franchise agreements expected to open in 2021, indicating future growth potential[37]. - The initial franchise fee for a store in the U.S. is $25,000, while in Canada it is $32,500 CAD[50]. - Franchisees are required to pay weekly continuing fees (royalties) ranging from 4% to 5% of gross sales[50]. - Franchisees must spend 5% of gross sales on advertising, with the option to increase this to 6%[51]. - The company renewed 99% of franchise agreements up for renewal in the past three years[56]. - The Canadian operations generated approximately $4.0 million in franchising revenues for 2020, contributing to overall revenue[23]. Leasing Business - The company targets organizations with annual revenues between $30 million and several billion dollars for its middle-market equipment leasing business[21]. - Equipment purchases for lease customers decreased from $25.4 million in 2017 to $4.1 million in 2020, and the leasing portfolio shrank from $41.3 million to $13.3 million over the same period[64]. - Operating income from the leasing segment fell from $9.3 million in 2017 to $8.3 million in 2020[64]. - Leasing income net of leasing expense was $11.9 million in 2020, down from $14.0 million in 2019[128]. - The leasing portfolio was valued at $13.3 million as of December 26, 2020, down from $25.3 million in 2019[129]. - The leasing portfolio has materially declined in recent years, and failure to add new leasing customers could further impact leasing income[102]. Competition and Market Risks - The company faces significant competition in the retail franchising and equipment leasing markets from larger firms with greater resources[57][75]. - The company operates in highly competitive industries, facing competition from retailers with significantly greater financial resources[95]. - Concerns over the economic effects of COVID-19 have caused extreme volatility in financial markets, potentially impacting the market value of the company's common stock[88]. - The company is dependent on franchise renewals, with 116, 143, and 184 franchise agreements expiring in 2021, 2022, and 2023 respectively, which could materially impact financial performance if not renewed[89]. Financial Position and Cash Flow - The company had no debt outstanding under its $25.0 million line of credit as of December 26, 2020, indicating a strong liquidity position[177]. - The company's total liabilities decreased to $42,721,900 as of December 26, 2020, from $49,393,900 in 2019, a reduction of 13.4%[182]. - Cash and cash equivalents decreased significantly to $6,659,000 as of December 26, 2020, from $25,130,300 as of December 28, 2019[182]. - Principal collections on lease receivables decreased to $14,829,200 from $19,421,400, reflecting a decline of 23.3%[1]. - Net cash used for financing activities increased to $(57,558,500) from $(18,864,500), indicating a significant rise in cash outflows[1]. Operational Challenges - The ability to collect accounts receivable from franchisees is critical; a significant decline could adversely impact results of operations and financial condition[94]. - The company may incur additional investments outside of core businesses, which could have a material adverse impact on financial results if unsuccessful[91]. - The company is subject to various federal and state franchise laws and regulations, which could impose costs or burdens that may adversely affect operations[108]. - The company has implemented security systems to protect confidential information, but remains vulnerable to potential breaches that could have material adverse effects[111]. Advertising and Marketing - Franchisees are required to spend a minimum of 5% of their gross sales on approved advertising and marketing[47]. - Advertising costs for fiscal year 2020 were $273,900, a decrease of 32.0% compared to $402,700 in 2019[1].

FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 28, 2019, or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 000-22012 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 WINMARK CORPORATION (exact name of registrant as specified in its charter) (State or Other Jurisdiction of ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 29, 2018, or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 000-22012 WINMARK CORPORATION (exact name of registrant as specified in its charter) | Minnesota | 41-1622691 | | --- ...