Why did WINA's EPS decline in Q3 and Q4 2024?

The decline in Winmark Corp's (WINA) EPS in Q3 and Q4 2024 can be attributed to several factors:

1. **Strategic Decisions**: The company's decision to run-off its leasing portfolio, which was initiated in May 2021, had a significant impact on its financial performance. This strategic move likely led to a decrease in leasing income and merchandise sales, contributing to the decline in overall revenue and, subsequently, EPS.
2. **Market Conditions**: Despite facing industry-wide challenges, Winmark's EPS decline may also reflect broader market conditions and competitive pressures that affected its business operations and profitability.
3. **Cost Management**: The company's focus on sustainability and small business formation, although strategic, may have incurred additional costs that affected its profit margins. For instance, the expansion of its franchise network and the development of an e-commerce platform could have had start-up costs that impacted short-term profitability.

In summary, WINA's EPS decline in Q3 and Q4 2024 was likely a result of a combination of strategic decisions, market conditions, and cost management.