Thursday December 7, 2023

Planet Fitness Brings In Record Franchise Revenue

John Heider-Imagn/Design: John Regula
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Planet Fitness surpassed third-quarter estimates by 13.62%, reaching $154.26 million in revenue compared to $105.38 million the year prior.

The national gym chain recorded a net income of $18.6 million, up from a $3.3 million loss during the same period last year.

Planet Fitness “returned to positive system-wide same-store sales growth,” marking a number of records for the company.

  • It gained the highest net member growth ever in the history of the company’s third quarters. CEO Chris Rondeau said the gym has 15 million members.
  • Quarterly revenue was the highest it has ever been for the franchise segment, increasing 26.1% year-over-year to $75.4 million.
  • Corporate-owned gyms saw revenue jump 55.2% year-over-year to $43.9 million, mostly due to temporary COVID-related closures last year.
  • The equipment segment grew 101.7% from last year to $35 million.

The company opened 24 new gyms during the quarter, totaling 2,193, and expects to open 110-120 new facilities by the end of the year.

Planet Fitness also raised its full-year outlook, estimating revenue will reach between $570 million and $580 million. The gym went public via an IPO in 2015 at a valuation of $1.58 billion and now has a market cap of $7.77 billion.

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