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Saturday, June 22, 2024

Planet Fitness Revenue Bulks Up to $244.4M

  • Planet Fitness reported third-quarter revenue of $244.4 million.
  • The company ended the period with 16.6 million members.
Jordan Kartholl / Imagn

Planet Fitness is making its pandemic comeback.

The large fitness center operator reported third-quarter revenue of $244.4 million, marking a 58.4% increase from the same period last year.

  • Franchise segment revenue increased 7.1% year-over-year to $80.7 million.
  • Corporate-owned stores segment revenue jumped 130.8% to $101.3 million, with $50.4 million attributed to 114 stores in the $800 million Sunshine Fitness acquisition
  • Equipment segment revenue increased 78.2% to $62.3 million.

Net income reached $30.7 million, up $12 million from the same period the year prior. System-wide same store sales jumped 8.2%, and system-wide sales increased from $870 million to $968 million.

Planet Fitness ended the quarter with a record 16.6 million members and highlighted in its report that members are visiting more frequently, and membership cancellations are lower compared to 2019.

During the quarter, Planet Fitness opened 29 new stores, totaling 2,353 as of Sept. 30.

Planet Projections

For 2022, Planet Fitness expects revenue to increase in the high-50 percentage range, compared to its previous estimate of growth in the mid-50 range, and net income to record growth in the low-100 percent range, compared to its previous estimate of the low-90 percent range.

The company aims to convert teen participants from its recent High School Summer Pass Program — and their parents and guardians — to paying members.

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