Winmark(NASDAQ) WINA

Winmark helps people buy and sell used clothing, sports gear, and musical instruments. The company supports small business owners by licensing several resale retail brands. These stores offer shopping options for families, athletes, and musicians.

What Is in the Store?

• Plato's Closet: Retail stores that buy and sell used clothing and accessories for teens and young adults; royalties from this brand are included in franchising revenue.
• Once Upon A Child: Locations that buy and sell children's apparel, toys, and equipment; accounts for a portion of the 86.4% of revenue from royalties in the first nine months of 2026.
• Play It Again Sports: Specialty shops for new and used sporting equipment and fitness gear for various athletic activities.
• Style Encore: Stores that focus on women's fashion by buying and selling previously owned clothing and footwear.
• Music Go Round: Outlets that trade in new and used musical instruments and audio electronics for musicians.

New Moves and Strategic Shifts

• Launched the Plato's Closet North American Advertising Fund on July 1, 2026, to improve brand visibility and marketing infrastructure.
• Introduced a $295 monthly software fee for each store location starting on Sept. 1, 2026.
• Completed the run-off of the equipment leasing portfolio on Dec. 27, 2025, which ended the company's leasing operations.
• Invested in software development during the first nine months of 2026 to modernize the company's point-of-sale system.

A Reliable Business Model

Winmark operates a network of 1,398 franchised locations as of Sept. 26, 2026. The company maintains high brand stability, renewing 100% of the 77 franchise agreements that were available for renewal during the first nine months of 2026.

Tracking the Numbers

• Royalties reached $61.1 million for the first nine months of 2026, up 6.5% year over year.
• Total revenue was $70.7 million for the nine-month period ended Sept. 26, 2026.
• Selling, general, and administrative expenses rose 7.8% to $22.7 million during the first nine months of 2026.
• Cash, cash equivalents, and restricted cash totaled $28.1 million as of Sept. 26, 2026.

Bottom Line

Winmark has evolved into a focused franchisor of resale brands after completing the exit from its leasing business in late 2025. The company now relies on its growing franchise network and new marketing funds to generate recurring royalty revenue.