Style Encore: $884K Average Sales vs. $274K-$415K Franchise Cost

In this exclusive Franchise Chatter FDD Talk post, you’ll learn the following:

Section I – Estimated initial investment (franchise costs) for a Style Encore franchise, based on Item 7 of the company’s 2024 FDD

Section II – Initial franchise fee, royalty fee, and marketing fee for a Style Encore franchise, based on Items 5 and 6 of the company’s 2024 FDD

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Section III – Number of franchised and company-owned Style Encore outlets at the start of the year and the end of the year for 2021, 2022, and 2023, based on Item 20 of the company’s 2024 FDD

Section IV – News updates on the Style Encore franchise opportunity

Section V – Presentation and analysis of Style Encore’s financial performance representations (average revenues and/or profits), based on Item 19 of the company’s 2024 FDD, including information on the:

2023 average, median, high, and low gross sales and average and median gross profit for the 65 franchised Style Encore Stores in the United States that had been in operation by the same franchisee or owners for the 12-month period ended December 30, 2023, grouped by year opened (2022, 2021, 2020, 2019, 2018, and 2017 and prior)

2023 average, median, high, and low gross sales and average and median gross profit for the first, second, third, and fourth quartiles of the 65 franchised Style Encore Stores in the United States that had been in operation by the same franchisee or owners for the 12-month period ended December 30, 2023

number and percentage of franchised Style Encore Stores in the United States that had been in operation by the same franchisee or owners for the 12-month period ended December 30, 2023, grouped by range of gross sales ($0 to $250,000; $250,001 to $500,000; $500,001 to $1,000,000; $1,000,001 to $2,000,000; and greater than $2,000,000)

Section VI – Key ratios, comparables, computations, and analyses for the Style Encore franchise opportunity (exclusive content for Platinum subscribers)

Section I – Style Encore Franchise Costs

Style Encore franchise costs, based on Item 7 of the company’s 2024 FDD:

Initial Franchise Fee: $25,000
Fixtures and Supplies: $45,000 to $60,000
Signs: $8,000 to $12,000
Security Cameras: $1,000 to $5,000
Point-of-Sale (POS) System: $22,300 to $29,300
Leasehold Improvements: $10,500 to $20,000
Build-Out: $20,000 to $50,000
Deposits and Business Licenses: $3,000 to $12,000
Opening Inventory: $60,000 to $80,000
Miscellaneous Pre-Opening Expenses: $35,000 to $65,000
Rent for First 3 Months: $15,000 to $24,000
Additional Funds for 3 Months: $30,000 to $33,000
Total Estimated Style Encore Franchise Costs: $274,800 to $415,300

Section II – Style Encore’s Initial Franchise Fee, Royalty Fee, and Marketing Fee

Style Encore’s initial franchise fee, royalty fee, and marketing fee, based on Items 5 and 6 of the company’s 2024 FDD:

Initial Franchise Fee: $25,000
Continuing Fee: 5% of Gross Sales
Marketing Fee: $1,500 per year
Cooperative Advertising: maximum amount is 5% of Gross Sales
Local Marketing Expenses: minimum amount, when combined with cooperative advertising expenses, is 5% of Gross Sales
Advertising Fee: if Winmark imposes this fee, you will pay up to 2% of Gross Sales

Section III – Number of Franchised and Company-Owned Style Encore Outlets

Franchised

2021

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Outlets at the Start of the Year: 69
Outlets at the End of the Year: 71
Net Change: +2

2022

Outlets at the Start of the Year: 71
Outlets at the End of the Year: 71
Net Change: 0

2023

Outlets at the Start of the Year: 71
Outlets at the End of the Year: 66
Net Change: -5

Company-Owned

2021

Outlets at the Start of the Year: 0
Outlets at the End of the Year: 0
Net Change: 0

2022

Outlets at the Start of the Year: 0
Outlets at the End of the Year: 0
Net Change: 0

2023

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Outlets at the Start of the Year: 0
Outlets at the End of the Year: 0
Net Change: 0

Section IV – News Updates on the Style Encore Franchise

Style Encore Did Not Rank on Entrepreneur’s 2024 Franchise 500 List

Section V – Financial Performance Representations (Average Revenues and/or Profits) for the Style Encore Franchise (Item 19, 2024 FDD)

The following is a financial performance representation titled “Style Encore Statement of Average Annual Sales and Gross Profit.”

The gross profit figures in this Item 19 do reflect the cost of sales but do not reflect the operating expenses that must be deducted from the gross profit figures to obtain your net income or profit.

The following statement of average annual sales and gross profits includes annual gross sales and gross profits as reported by the 65 franchised Style Encore Stores located in the United States and Canada that commenced operations during the years 2013 through 2022, and were not transferred during 2023. This represents a subset of the 66 Style Encore Stores in the United States and Canada that were open and operating as of December 30, 2023.

This statement includes information from only those franchised Style Encore Stores located in the United States and Canada that had been in operation for the 12-month period ended December 30, 2023.

There are no material financial and operational characteristics of the U.S. Stores that differ materially from the Canadian Stores included in this financial performance representation.

No other franchised Style Encore Stores are included in this statement due to insufficient history of operations (not in operation by the same franchisee or owners for the 12-month period ended December 30, 2023 or transferred during this period).

There were 65 franchised Style Encore Stores which had been in operation by the same franchisee or owners for the 12-month period ended December 30, 2023. All 65 franchised Style Encore Stores are reflected in the average.

This financial performance representation does not include information for the 1 Style Encore Store that opened or transferred in 2023. No Stores closed in 2023 after being opened for less than 12 months.

Part 1 – Statement of Average Gross Sales and Gross Profit of the 65 Franchised Style Encore Stores for the Fiscal Year Ended December 30, 2023

Year Opened – 2022

Number of Stores Reported: 5
Number and Percentage of Stores Attaining or Exceeding Average Gross Sales: 0/0%
Number and Percentage of Stores Attaining or Exceeding Average Gross Profit: 0/0%
2023 Average Gross Sales: $400,904
2023 Median Gross Sales: $360,763
2023 Average Gross Profit: $242,825
2023 Median Gross Profit: $222,206
Average Gross Profit Percentage: 60.57%
Sales Range: $241,877 to $634,336

Year Opened – 2021

Number of Stores Reported: 3
Number and Percentage of Stores Attaining or Exceeding Average Gross Sales: 1/33%
Number and Percentage of Stores Attaining or Exceeding Average Gross Profit: 1/33%
2023 Average Gross Sales: $754,713
2023 Median Gross Sales: $680,277
2023 Average Gross Profit: $453,059
2023 Median Gross Profit: $439,391
Average Gross Profit Percentage: 60.03%
Sales Range: $480,519 to $1,103,342

Year Opened – 2020

Number of Stores Reported: 2
Number and Percentage of Stores Attaining or Exceeding Average Gross Sales: 0/0%
Number and Percentage of Stores Attaining or Exceeding Average Gross Profit: 0/0%
2023 Average Gross Sales: $469,424
2023 Median Gross Sales: $469,424
2023 Average Gross Profit: $278,016
2023 Median Gross Profit: $278,016
Average Gross Profit Percentage: 59.22%
Sales Range: $422,417 to $516,431

Year Opened – 2019

Number of Stores Reported: 7
Number and Percentage of Stores Attaining or Exceeding Average Gross Sales: 1/14%
Number and Percentage of Stores Attaining or Exceeding Average Gross Profit: 1/14%
2023 Average Gross Sales: $649,075
2023 Median Gross Sales: $602,035
2023 Average Gross Profit: $361,727
2023 Median Gross Profit: $356,186
Average Gross Profit Percentage: 55.73%
Sales Range: $209,070 to $1,239,992

Year Opened – 2018

Number of Stores Reported: 7
Number and Percentage of Stores Attaining or Exceeding Average Gross Sales: 1/14%
Number and Percentage of Stores Attaining or Exceeding Average Gross Profit: 1/14%
2023 Average Gross Sales: $685,452
2023 Median Gross Sales: $729,584
2023 Average Gross Profit: $415,264
2023 Median Gross Profit: $430,892
Average Gross Profit Percentage: 60.58%
Sales Range: $384,754 to $984,143

Year Opened – 2017 and Prior

Number of Stores Reported: 41
Number and Percentage of Stores Attaining or Exceeding Average Gross Sales: 26/63%
Number and Percentage of Stores Attaining or Exceeding Average Gross Profit: 25/61%
2023 Average Gross Sales: $1,048,092
2023 Median Gross Sales: $1,044,898
2023 Average Gross Profit: $616,100
2023 Median Gross Profit: $590,446
Average Gross Profit Percentage: 58.78%
Sales Range: $251,673 to $2,851,317

Total

Number of Stores Reported: 65
Number and Percentage of Stores Attaining or Exceeding Average Gross Sales: 29/45%
Number and Percentage of Stores Attaining or Exceeding Average Gross Profit: 28/43%
2023 Average Gross Sales: $884,938
2023 Median Gross Sales: $792,607
2023 Average Gross Profit: $520,437
2023 Median Gross Profit: $458,058
Average Gross Profit Percentage: 58.81%

“Gross Sales” means all revenues the franchisee receives from the sale of goods and services, whether by cash or by check, credit card or trade, in connection with the Store, less sales tax and customer refunds and returns.

Average Gross Profit equals Gross Sales less Cost of Goods Sold. Gross Profit does not reflect any expenses related to the operation of a Style Encore Store other than Cost of Goods Sold.

Part 2 – Statement of Sales Ranges by Quartile for the 65 Franchised Style Encore Stores Open on December 30, 2023 That Had Been in Operation for at Least 12 Months by the Same Franchisee or Owners for the 12-Month Period Ended December 30, 2023

Quartile refers to that portion of the total number of Stores open that represents 25%. For example, the first Quartile identifies those Stores that were in the top 25% of all Stores in Gross Sales.

1st Quartile

Number of Stores: 16
2023 Gross Sales Range by Quartile: $1,144,825 to $2,851,317
2023 Quartile Average Gross Sales: $1,515,801
2023 Quartile Median Gross Sales: $1,387,001
Number and Percentage of Stores Attaining or Exceeding Quartile Average Gross Sales: 6/38%
2023 Quartile Average Gross Profit: $881,154
2023 Quartile Median Gross Profit: $783,061
Number and Percentage of Stores Attaining or Exceeding Quartile Average Gross Profit: 6/38%
Quartile Average Gross Profit Percentage: 58.13%

2nd Quartile

Number of Stores: 16
2023 Gross Sales Range by Quartile: $805,993 to $1,127,838
2023 Quartile Average Gross Sales: $979,671
2023 Quartile Median Gross Sales: $994,151
Number and Percentage of Stores Attaining or Exceeding Quartile Average Gross Sales: 10/63%
2023 Quartile Average Gross Profit: $575,368
2023 Quartile Median Gross Profit: $586,453
Number and Percentage of Stores Attaining or Exceeding Quartile Average Gross Profit: 9/56%
Quartile Average Gross Profit Percentage: 58.73%

3rd Quartile

Number of Stores: 16
2023 Gross Sales Range by Quartile: $556,862 to $792,607
2023 Quartile Average Gross Sales: $661,121
2023 Quartile Median Gross Sales: $649,425
Number and Percentage of Stores Attaining or Exceeding Quartile Average Gross Sales: 7/44%
2023 Quartile Average Gross Profit: $397,820
2023 Quartile Median Gross Profit: $397,622
Number and Percentage of Stores Attaining or Exceeding Quartile Average Gross Profit: 7/44%
Quartile Average Gross Profit Percentage: 60.17%

4th Quartile

Number of Stores: 17
2023 Gross Sales Range by Quartile: $209,070 to $533,029
2023 Quartile Average Gross Sales: $412,675
2023 Quartile Median Gross Sales: $422,417
Number and Percentage of Stores Attaining or Exceeding Quartile Average Gross Sales: 11/65%
2023 Quartile Average Gross Profit: $244,641
2023 Quartile Median Gross Profit: $249,655
Number and Percentage of Stores Attaining or Exceeding Quartile Average Gross Profit: 10/59%
Quartile Average Gross Profit Percentage: 59.28%

Part 3 – Number of Stores, Average and Median Gross Sales, Lowest and Highest Gross Sales Amount in Each Range, and Percentage of Total Number of Stores That Fell Within Certain Ranges of Gross Sales for 2023

Based on information reported by the 65 Style Encore Stores which had been in operation by the same franchisee or owner for the 12-month period ended December 30, 2023, the following chart sets forth the number of Stores, average and median Gross Sales, the lowest and highest Gross Sales amount in each range, and the percentage of total number of Stores that fell within certain ranges of Gross Sales for 2023:

2023 Range of Gross Sales: $0 to $250,000

Number of Stores Falling Within Range: 2
Average Gross Sales for Stores Within Range: $225,473
Number and Percent of Stores Exceeding Average Gross Sales for Stores Within Range: 1/50%
Gross Sales for Lowest Store Within Range: $209,070
Gross Sales for Highest Store Within Range: $241,877
Median Gross Sales for Stores Within Range: $225,473
Percent of Total Number of Stores (65) Within Range: 3.08%

2023 Range of Gross Sales: $250,001 to $500,000

Number of Stores Falling Within Range: 11
Average Gross Sales for Stores Within Range: $407,158
Number and Percent of Stores Exceeding Average Gross Sales for Stores Within Range: 7/64%
Gross Sales for Lowest Store Within Range: $251,673
Gross Sales for Highest Store Within Range: $493,771
Median Gross Sales for Stores Within Range: $420,384
Percent of Total Number of Stores (65) Within Range: 16.92%

2023 Range of Gross Sales: $500,001 to $1,000,000

Number of Stores Falling Within Range: 28
Average Gross Sales for Stores Within Range: $707,066
Number and Percent of Stores Exceeding Average Gross Sales for Stores Within Range: 12/43%
Gross Sales for Lowest Store Within Range: $512,788
Gross Sales for Highest Store Within Range: $984,143
Median Gross Sales for Stores Within Range: $685,347
Percent of Total Number of Stores (65) Within Range: 43.08%

2023 Range of Gross Sales: $1,000,001 to $2,000,000

Number of Stores Falling Within Range: 22
Average Gross Sales for Stores Within Range: $1,263,699
Number and Percent of Stores Exceeding Average Gross Sales for Stores Within Range: 8/36%
Gross Sales for Lowest Store Within Range: $1,004,159
Gross Sales for Highest Store Within Range: $1,791,566
Median Gross Sales for Stores Within Range: $1,177,864
Percent of Total Number of Stores (65) Within Range: 33.85%

2023 Range of Gross Sales: $2,000,000 to $3,000,000

Number of Stores Falling Within Range: 2
Average Gross Sales for Stores Within Range: $2,496,010
Number and Percent of Stores Exceeding Average Gross Sales for Stores Within Range: 1/50%
Gross Sales for Lowest Store Within Range: $2,140,703
Gross Sales for Highest Store Within Range: $2,851,317
Median Gross Sales for Stores Within Range: $2,496,010
Percent of Total Number of Stores (65) Within Range: 3.08%

2023 Range of Gross Sales: Greater Than $3,000,000

Number of Stores Falling Within Range: 0
Average Gross Sales for Stores Within Range: $0
Number and Percent of Stores Exceeding Average Gross Sales for Stores Within Range: 0/0%
Gross Sales for Lowest Store Within Range: $0
Gross Sales for Highest Store Within Range: $0
Median Gross Sales for Stores Within Range: $0
Percent of Total Number of Stores (65) Within Range: 0.0%

These results relate to specific Style Encore Stores located in the United States and Canada.

Some Stores have sold or earned these amounts. Your individual results may differ. There is no assurance that you will sell or earn as much.

Section VI – Style Encore Franchise Ratios, Comparables, Computations, and Analyses (Exclusive Content for Platinum Subscribers) ⬇️

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Style Encore: $884K Average Sales vs. $274K-$415K Franchise Cost

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Section I – Style Encore Franchise Costs

Section II – Style Encore’s Initial Franchise Fee, Royalty Fee, and Marketing Fee