Winmark posts Q3 profit increase
Winmark Corp. (Nasdaq: WINA) reported an increase in third-quarter profit as consumers continued to buy from its value-oriented retail brands. The company supports and finances franchise businesses including Play It Again Sports.
Net income for the quarter ended Sept. 26 was $1.7 million, or $0.33 per diluted share, compared to net income of $1.3 million, or $0.24 per diluted share, in 2008.
Total revenue was $9.8 million versus $9.1 million in the same period last year.
The company said its equipment leasing business has been negatively impacted by the current economy, but it tightened controls as it anticipates an economic turn around.
Winmark has 874 franchises in operation, and an additional 36 retail franchises have been awarded but are not open. In addition, the company had loans and leases equal to $41.1 million.
Analyst upgrades Hibbett Sports on improving results
A Raymond James analyst told clients that sales are looking better for Hibbett Sports and upgraded the stock to "outperform."
Dan Wewer, an analyst for Raymond James, wrote in a note to investors that he has "growing confidence" that same-store sales and margins are "firming" so far in the third quarter.
Store checks and feedback from suppliers indicate sales have improved sequentially since the beginning of the third quarter, Wewer wrote, adding, "It appears the sales pick-up is broad based across all merchandise categories."
He upgraded the stock to "outperform" and raised the price target to $21.
--Compiled by Wendy Geister
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