In its first-quarter 2022 earnings report, Planet Fitness reported $16.5 million in net income attributable to the company. The positive report lifted Planet Fitness’ stock price at market open on Tuesday.
- Overall revenue was $186.7 million, up about 67% from the same period last year.
- The three main revenue segments, including franchises, equipment, and corporate-owned stories, all increased compared with the previous period.
CEO Chris Rondeau said that during the recent pandemic years, “we’ve learned to be nimble and resilient.”
The news comes about a week after Olympus Partners, a private equity firm, acquired a Planet Fitness franchisee — Excel Fitness Holdings — for $675 million. Excel has more than 90 locations, serving approximately 750,000 Planet Fitness members.
In January, Planet Fitness purchased more than 100 locations of Sunshine Fitness for a total of $800 million. It also opened 37 stores during the first quarter, bringing its total to 2,291.
Planet Fitness is reporting high expectations for the rest of the fiscal year, starting with a projected overall revenue increase between 50% and 60%.
It also reports that adjusted net income could increase as much as 90%.