Winmark(WINA) - 2024 Q1 - Quarterly Results

Financial Performance - Net income for the quarter ended March 30, 2024, was $8,819,000, or$2.41 per diluted share, compared to $8,942,700, or$2.49 per diluted share in 2023, reflecting a decrease of approximately 1.4% in net income [8]. - Total revenue for the quarter was $20,109,500, a slight decrease from$20,523,600 in the same quarter of the previous year, representing a decline of about 2.0% [4]. - Operating income for the quarter was $12,218,200, slightly down from$12,388,400 in the prior year, reflecting a decrease of about 1.4% [4]. - The company reported a net cash provided by operating activities of $13,364,000, compared to$13,850,500 in the same quarter last year, a decrease of approximately 3.5% [6]. Assets and Liabilities - Cash and cash equivalents increased to $22,872,200 from$13,361,500 at the end of the previous quarter, marking a significant increase of approximately 71.4% [3]. - Total current assets rose to $26,281,400, up from$16,746,500, indicating an increase of about 57.1% [3]. - The total liabilities increased to $76,540,600 from$77,662,200, indicating a decrease of about 1.4% [3]. - The company’s retained earnings improved to a deficit of $(60,903,800) from$(66,924,900), reflecting a positive change of approximately 9.0% [3]. Business Expansion - The company had 1,327 franchises in operation as of March 30, 2024, with over 2,800 available territories, showing continued expansion potential [8]. - The company continues to focus on sustainability and small business formation through its franchise model, which includes brands like Plato's Closet and Once Upon A Child [8].