Welcome to our dedicated page for Planet Fitness news (Ticker: PLNT), a resource for investors and traders seeking the latest updates and insights on Planet Fitness stock.
Planet Fitness, Inc. (NYSE: PLNT) is a leading franchisor and operator of fitness centers, offering a unique, affordable, and inclusive fitness experience. With over 19.6 million members and more than 2,599 locations across the United States, Puerto Rico, Canada, Panama, Mexico, and Australia as of March 31, 2024, Planet Fitness stands out as one of the fastest-growing health club franchises globally. The company operates under the brand ethos of the Judgement Free Zone®, which aims to provide a non-intimidating, welcoming environment for fitness enthusiasts of all levels.
Founded in 1992 in Dover, NH, Planet Fitness is divided into three primary segments: Franchise, Corporate-owned stores, and Equipment. The Franchise segment is robust, including operations not only in the United States but also in Puerto Rico, Canada, Panama, Mexico, and Australia. The Corporate-owned stores segment encompasses operations across the U.S. and Canada. The Equipment segment involves the sale of fitness equipment to franchisee-owned stores in the U.S., which is a significant revenue stream for the company.
Planet Fitness's business model is centered around providing high-quality fitness experiences at an affordable price, with memberships starting as low as $10 per month. The company's core offerings include state-of-the-art cardio and strength equipment, free weights, clean locker rooms, and unlimited fitness training, making fitness accessible to a broader demographic.
The company has recently reported strong financial performance. For example, the second quarter of 2023 saw total revenue increase by 27.6% to $286.5 million, with net income attributable to Planet Fitness, Inc. rising to $41.1 million. Despite facing external headwinds such as higher new store construction costs and increased interest rates, the company has managed to maintain a strong balance sheet, repurchasing $100 million in shares during the quarter.
As of the third quarter ended September 30, 2023, Planet Fitness reported 8.4% system-wide same-store sales growth, an increase in membership to over 18.5 million, and nearly 2,500 locations globally. The company is focused on enhancing returns on stores and supporting franchisees through a new growth model that reduces capital requirements and extends the timing for equipment replacement and remodels.
In recent corporate developments, Planet Fitness announced the appointment of Colleen Keating as CEO, effective June 10, 2024. Ms. Keating brings over three decades of experience in operations, franchise management, and brand development, promising to drive the next phase of growth for the company.
Planet Fitness's mission remains clear: to enhance people’s lives through high-quality fitness experiences in a welcoming, non-intimidating environment. This mission, coupled with a strong operational strategy and financial discipline, positions Planet Fitness as a resilient and growing brand in the fitness industry.
Planet Fitness announced its return as the presenting sponsor of Times Square's New Year's Eve celebration for the sixth consecutive year. The event will be featured on Dick Clark's New Year's Rockin' Eve with Ryan Seacrest on December 31, 2020, at 8:00 p.m. EST. The company encourages members and the public to submit their Confetti Wishes for the New Year. Planet Fitness emphasizes its commitment to fitness and safety, showcasing enhanced protocols in its clubs. As of September 30, 2020, it had over 14.1 million members across 2,086 locations.
Planet Fitness reported its third-quarter results for 2020, revealing a 36.8% decline in total revenue to $105.4 million. The company experienced a net loss of $3.1 million, significantly down from a profit of $25.8 million in the same period last year. Despite 95% of locations being open, membership levels faced challenges due to prior cancellations after reopening. However, there are signs of recovery with increased membership joins and enhanced marketing efforts.
As of September 30, 2020, cash reserves stood at $501.6 million.
Planet Fitness invites U.S. voters to enjoy a free workout and HydroMassage from November 3 to 8, 2020, aiming to alleviate stress from the election season. Acknowledging heightened stress levels due to the COVID-19 pandemic and the election, the fitness center emphasizes the importance of mental and physical health. Nearly 94 million Americans use exercise to manage stress, with 40% working out longer during elections. Planet Fitness prioritizes safety with enhanced protocols. Additionally, they partner with Pizza to the Polls to provide food at polling sites, further supporting community engagement.
Planet Fitness, Inc. (NYSE: PLNT) will report its third-quarter financial results for the period ending September 30, 2020, on November 5, 2020, after market close. A conference call to discuss the results is scheduled for 4:30 p.m. Eastern Time on the same day. Investors can access a live webcast of the call at investor.planetfitness.com, with an audio replay available shortly after the call and lasting for one year. Currently, Planet Fitness operates over 2,059 locations and serves more than 15.2 million members.
Planet Fitness announced the winners of its Judgement Free Generation scholarships, awarding $225,000 to 45 youth from Boys & Girls Clubs for promoting kindness and inclusion. This year marked the 100th scholarship awarded, totaling $500,000 since the program's inception. Due to an unprecedented number of applications despite pandemic challenges, the company expanded the scholarship program. CEO Chris Rondeau highlighted the importance of supporting youth amid financial uncertainties. The initiative aligns with Planet Fitness's mission to enhance lives through fitness and community support.
Planet Fitness, Inc. (NYSE: PLNT) announced its participation in the 2020 Raymond James Virtual North American Equities Conference, scheduled for September 15 at 10:30 am ET. The event will feature a fireside chat presentation, accessible through their investor relations website. As of June 30, 2020, Planet Fitness boasted over 15.2 million members and 2,059 locations across the U.S. and internationally. The company emphasizes a welcoming fitness experience, with more than 95% of its locations independently operated.
Planet Fitness invites new members to join from September 8 to 16 with a $0 enrollment fee and $10 monthly membership, emphasizing safe workouts amid COVID-19. The company operates over 1,800 locations and prioritizes safety with measures like touchless check-in, crowd monitoring via mobile app, and increased sanitization. A study shows 0.0023% of gym visits resulted in positive COVID-19 cases, significantly lower than the national average. Fitness is highlighted as crucial for health, reducing obesity and stress risks.
Planet Fitness (PLNT) reported a 77.9% revenue decline to $40.2 million for Q2 2020, primarily due to COVID-19 related store closures. The net loss was $29.2 million, contrasting with a $34.8 million profit in the same quarter last year. Adjusted EBITDA also fell 112.1% to a loss of $9.3 million. Despite challenges, 1,477 stores have reopened, and the company plans to navigate through industry consolidation amid ongoing health concerns. However, it has withdrawn its 2020 financial guidance due to uncertainty.
Planet Fitness (NYSE: PLNT) announced that effective August 1, all members and guests will be required to wear masks at all locations. Currently, employees are also mandated to wear masks. Approximately 1,450 locations are open across 46 states, the District of Columbia, Canada, and Australia. The CEO emphasized the importance of wellness during the COVID-19 pandemic, stating gyms are crucial to health care. Enhanced cleanliness and social distancing measures are in place, along with a new Crowd Meter feature on the mobile app to monitor club capacity.
Planet Fitness is set to report its second quarter 2020 results after market close on August 4, 2020. The announcement was made from Hampton, NH on July 21, 2020. A conference call discussing the results will take place at 4:30 p.m. ET on the same day. Interested parties can access a live webcast of the call at investor.planetfitness.com, with a replay available for a year after.
As of March 31, 2020, Planet Fitness boasted over 15.5 million members and 2,039 locations.
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