• Loading stock data...
Thursday, March 28, 2024
2024 Best Venues nominations are open now through April 8! Submit Now

Planet Fitness Recovering From Pandemic

  • Planet Fitness posted a second-quarter profit after weathering pandemic-related losses in the same period last year.
  • The company announced a deal to expand in Mexico.
Ayrton Ostly/The Californian/Design: Alex Brooks

Few companies had it worse than Planet Fitness during the pandemic, but now the gym chain is back in the black.

The New Hampshire-based company posted second-quarter revenues of $137.3 million on Monday, 241.1% above the same period last year, when many of its locations were closed due to COVID-19.

  • Planet Fitness profited $15 million in Q2, compared to a $32 million loss a year prior.
  • The company opened 24 new locations, bringing its total to 2,170 as of June 30.
  • Revenue still sat below the second quarters of 2019 ($181.7 million) and 2018 ($140.6 million).

The company forecasts full-year revenue between $530 million and $540 million, while acknowledging that a worsening of the pandemic could cause those figures to drop.

CEO Chris Rondeau indicated that Planet Fitness, which focuses on affordability and inclusivity, has a market opportunity in the current climate. 

“There is a dislocation in the fitness industry, with approximately 22% of U.S. gyms permanently closed due to the impact from COVID-19 through the end of the second quarter,” he said, adding that more Americans are realizing the value of fitness.

Planet Fitness also announced a deal to open at least 80 locations in Mexico over the next five years. The company is partnering on the expansion with Fitness Para Todos, a joint venture of the Ibarra Group and Argonne Capital Group, which already has investments in over 95 U.S. Planet Fitness gyms.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

March 22, 2024, Brooklyn, NY, USA; Northwestern Wildcats guard Brooks Barnhizer (13) and Northwestern Wildcats guard Boo Buie (0) react in overtime against the Florida Atlantic Owls in the first round of the 2024 NCAA Tournament at the Barclays Center.

‘An Expensive Game’: March Madness and NIL Collectives Are Intertwined

At schools nationwide, collectives are fueling NCAA tournament runs and vice versa.
Iowa’s Caitlin Clark (22) waits to be announced in the starting lineup against West Virginia in a NCAA Tournament round of 32 game Monday, March 25, 2024 at Carver-Hawkeye Arena in Iowa City, Iowa.

The Women’s Trading Card Market Is Overlooked. Can Caitlin Clark Change That?

Traditionally, women’s sports cards have been a marginal part of collectibles.
The Sports Illustrated cover signed by Derek Jeter and Alex Rodriguez, February 27, 2019, at Don & Charlie's, 7501 E. Camelback Road, Scottsdale. Don Charlie S

Everything You Need to Know About the Ongoing ‘Sports Illustrated’ Saga

Understanding the strange state of affairs for the nearly 70-year-old publication.
podcast thumbnail mobile
Front Office Sports Today

MLB Opens Season With MLBPA, Ohtani, and Ownership Dramas

0:00
0:00

Featured Today

The Good, the Bad, and the Ugly: Inside the Big East’s Bizarre Online Subculture

Peeling back the curtain on the ‘phenomenally weird’ Big East online ecosystem.
Mar 21, 2024; Brooklyn, NY, USA; Stetson Hatters guard Stephan Swenson (30) reacts during team practice at Barclays Center.
March 22, 2024

First-Time NCAA Men’s Tourney Bids Could Be on the Verge of Extinction

Power and success are consolidating around the richest teams in college sports.
March 17, 2024

‘Everybody Was Under Suspicion’: The Day Selection Sunday Was Scooped

In 2016, the ‘Selection Show’ backfired when the bracket was leaked anonymously.
Sep 3, 2023; Seattle, Washington, USA; Orlando Pride forward Ally Watt (11) and Orlando Pride forward Julie Doyle (20) enter the stadium before the game against OL Reign at Lumen Field.
March 16, 2024

So Long, White Shorts: Here’s Why the NWSL’s Uniform Pivot Matters

There’s finally a growing trend to adapt women’s sports to women’s bodies.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Live Nation
Multiple - USA Careers
Adidas
Multiple - USA Careers
Spotify
Multiple - USA Careers
DraftKings

DraftKings Trends Toward the Black, Buys Lottery App

The sports gambling giant continues to narrow its losses.
February 7, 2024

ESPN DTC to Debut by Fall 2025, but Streaming Alliance Hastens Market Entry

Date set for stand-alone version of network, but new joint venture will beat that by a year.
Exterior of Nike Company Store
February 16, 2024

Nike to Lay Off 2% of Its Workforce in Cost-Savings Effort

The sportswear giant hinted at staff cuts in a December earnings call.
Sponsored

How Daily Fantasy Sports Solved NBA Fantasy

The remarkable growth of the #1 Discord sports server in the world.
January 22, 2024

They Make Sports Balls—and They Could Be Worth Almost $9 Billion

Amer Sports looks to raise as much as $1.8 billion in the public markets.
A view of a FanDuel sportsbook location.
January 18, 2024

FanDuel Strengthens U.S. Dominance Ahead of NYSE Debut

Flutter posts strong financial results as NYSE shares are set to debut Jan. 29.
The swoosh logo at Nike Eugene.
September 28, 2023

Nike Misses Revenue Wall Street’s Projections, But Company’s Stock Soar

The company offset the shortfall by exceeding expectations in earnings per share.
The PGA Tour and PIF have a self-imposed Dec. 31 deadline to finalize their golf merger.
August 7, 2023

Saudi Arabia’s PIF Aims Higher With Launch of Sports-Focused Investment Company

The PIF has launched a new company, SRJ Sports Investments.