Winmark Corporation (NASDAQ: WINA) is a franchising company that operates five resale retail brands across the United States and Canada. Revenue comes primarily from royalties and fees paid by franchisees who buy and sell gently used merchandise under Winmark-owned brand names. Winmark was incorporated in Minnesota in 1988 and has franchised resale concepts for over 35 years. Its five franchise brands are Plato's Closet, which buys and sells used clothing and accessories targeting teens and young adults, plus additional brands covering children's clothing, sporting goods, toys, and musical instruments. Franchisees purchase used goods directly from consumers and resell them at a discount to new merchandise prices, with stores also carrying a limited selection of new merchandise. Canadian franchisee revenues were approximately $7.8 million in FY2025, $7.3 million in FY2024, and $6.8 million in FY2023, with the majority of revenues generated from United States operations. Winmark estimates that since 2010, its franchise stores have extended the lives of over 2.1 billion items.

Revenue model

Royalties and fees from franchisees operating resale retail stores under five Winmark-owned brand names. Canadian franchisee revenues were approximately $7.8 million in FY2025 (10-K, filed 2026-02-25).

Products and services

Five resale franchise brands: Plato's Closet (used clothing and accessories for teens and young adults), plus additional franchise concepts covering children's apparel, sporting goods, toys, and musical instruments. Franchisees buy used goods from consumers and resell them; stores also carry limited new merchandise.

Customers and end markets

Franchisee operators are the direct customers of Winmark's franchise system. End consumers are value-oriented shoppers seeking used clothing, toys, sporting goods, and musical instruments at discounts to new merchandise prices. End markets include teen and young adult apparel, children's apparel, recreational sporting goods, and musical instruments.

Value-chain role

Franchisor. Winmark licenses brand names and provides technology, tools, and training to franchisees. It does not operate retail stores directly but collects royalties and fees from franchisee-operated locations.

Geographic exposure

Primarily United States. Canadian franchisee revenues were approximately $7.8 million in FY2025, $7.3 million in FY2024, and $6.8 million in FY2023 (10-K, filed 2026-02-25). Significant assets are located within the United States.

Source: SEC 10-K, filed 2026-02-25

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