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Saturday, May 18, 2024

Planet Fitness CEO Highlights Growth

  • Planet Fitness is experiencing growth in gym visits and memberships.
  • The gym chain is growing despite the COVID-19 omicron variant.
Planet-Fitness
Planet Fitness/Design: Alex Brooks

Planet Fitness is experiencing growth in gym visits and memberships despite health concerns regarding the COVID-19 omicron variant, according to CEO Chris Rondeau.

The willingness to visit the brick-and-mortar gyms is the result of the company’s members’ comfort with the chain’s health and safety protocols, as well as a desire to prioritize fitness.

  • Planet Fitness posted the highest net member growth in the history of the company’s third quarters in Q3 2021 for a total of 15 million members.
  • Gym visits in the U.S. for the month of October were down just 8% from 2019 pre-pandemic levels, according to New York-based investment firm Jefferies Group.
  • Before COVID-19 vaccines, the company saw a pullback on joins and workouts, and membership cancellations jumped. 

Planet Fitness Pandemic Bounceback

Planet Fitness — which has 2,193 brick-and-mortar locations globally — went public via an IPO in 2015 at a valuation of $1.5 billion and now has a market cap of $7.7 billion.

The company generated $154.2 million in revenue in Q3 2021, compared to $105.3 million for the same period the year prior. 

The New Hampshire-based company posted a net income of $18.6 million during the quarter, up from a loss of $3.3 million in Q3 2020.

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