WINMARK CORP: management transactions · United States · SEC (Form 4)

About WINMARK CORP

Winmark Corp. (ticker WINA) is a U.S.-listed company trading on the NASDAQ market in the United States and headquartered in Minneapolis, Minnesota. The company is best known as a franchisor of resale-oriented retail concepts, built around a portfolio of complementary consumer brands that serve different everyday spending categories. Its business model is franchise-driven, which generally supports recurring royalty streams and relatively light capital intensity compared with company-operated retail chains. Winmark traces its roots back to 1988, when it was formed as Play It Again Sports Franchise Corporation. Over time, the company evolved into Winmark Corporation and broadened its brand portfolio. Today, its core banners include Plato’s Closet, Once Upon A Child, Play It Again Sports, Style Encore, and Music Go Round. These concepts target, respectively, gently used apparel and accessories for teens and young adults, children’s clothing and gear, sporting goods, women’s fashion, and musical instruments. In addition to licensing franchise rights, Winmark provides operational support to franchisees, including point-of-sale system support and, for certain locations, merchandise supply. From a reporting standpoint, the company is organized primarily around one reportable franchising segment, with a smaller non-reportable equipment leasing business that has become less central as management has allowed that portfolio to run off. Winmark’s competitive position rests on a clear value proposition: it enables independent operators to run neighborhood resale stores under established brands, with a tested operating model, brand recognition, and ongoing support from the corporate platform. That gives the company a meaningful moat in a fragmented retail niche where affordability, sustainability, and the circular economy are increasingly relevant to consumers. Geographically, Winmark’s operations are concentrated in North America, with the vast majority of its network located in the United States and Canada. As of December 28, 2024, the company reported 1,350 franchises in operation and more than 2,800 available territories, indicating continued whitespace for network expansion. System-wide sales exceeded $1.6 billion in 2024, underscoring the scale of the franchise system without equating that figure with consolidated company revenue. Winmark’s consolidated revenue was $81.3 million in 2024, while profitability remained strong despite the ongoing wind-down of the leasing portfolio. Recent corporate highlights include the release of full-year 2024 results in February 2025 and first-quarter 2026 results in April 2026. The company also continued its shareholder-friendly capital return policy, including a regular quarterly dividend. For French-speaking investors, Winmark stands out as a quality franchise platform tied to the resale economy, with recurring cash generation, a recognizable brand set, and exposure to a structurally relevant retail theme on the NASDAQ market in the United States.