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 has launched a limited-time promotional offer for new members, allowing them to join for
ABC Fitness Solutions has extended its partnership with Planet Fitness through 2027, solidifying its role as the technology provider for the fitness giant. The new four-year agreement follows a comprehensive review of Planet Fitness's technology needs and will involve the integration of ABC's IGNITE club management solution across all U.S. and Canadian locations. This upgrade includes key modules such as IGNITE Membership, IGNITE Commerce, and IGNITE Insights, aimed at enhancing member engagement, optimizing billing processes, and providing data-driven insights for operational improvement. ABC Fitness Solutions continues to support over 35 million members globally, processing over $9 billion in payments annually.
On March 13, 2023, Planet Fitness (NYSE: PLNT) announced new limited-time Perks for its members, offering discounts from brands such as Chewy, H&R Block, and Sam's Club. Members can enjoy significant savings, including $20 off Chewy purchases over $49, 20% off H&R Block tax filing products, and $25 off $250+ ticket orders from Vivid Seats. Additional offers include special membership deals at Sam's Club and discounts on Bose products. This initiative aims to enhance member satisfaction by adding value beyond gym access, reinforcing Planet Fitness's commitment to providing rewarding fitness experiences.
Planet Fitness (NYSE: PLNT) announced its participation in the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum 2023. The management's fireside chat is scheduled for March 14, 2023, at 8:00 AM Pacific Time. A live webcast of the presentation will be available at investor.planetfitness.com.
As of December 31, 2022, Planet Fitness has approximately 17 million members and operates 2,410 stores across various regions including the U.S., Canada, and Australia. The company's mission is to provide a welcoming, high-quality fitness experience in a non-intimidating environment.
Planet Fitness reported strong financial results for Q4 and FY 2022, with total revenue rising 53.2% to $281.3 million in Q4 and 59.6% to $936.8 million for the year. System-wide same-store sales increased by 9.0% in Q4 and 11.4% for the year. Net income grew significantly, reaching $33.7 million or $0.40 per diluted share in Q4, compared to $5.7 million or $0.07 in the prior year. The company ended 2022 with approximately 17.0 million members, a 1.8 million increase from 2021, and opened 158 new stores. For 2023, it projects revenue growth of 13-14% and an increase in adjusted EBITDA of 17-18%. Investors remain optimistic due to the company's growth potential.
Planet Fitness, Inc. (NYSE: PLNT) announced it will release its fourth quarter results for the period ending December 31, 2022, on February 23, 2023, before market opening.
A conference call to discuss the financial results will take place at 8:00 a.m. Eastern Time the same day, accessible via dial-in numbers (844) 200-6205 or (929) 526-1599, conference number 146564. A live webcast will also be available at Planet Fitness Investor Relations.
An audio replay of the call will be accessible within two hours and will remain for one year.
On January 23, 2023, Planet Fitness announced a promotional initiative encouraging fitness participation with a limited-time offer of $1 enrollment and a monthly fee of $10 from January 23-31. This campaign aligns with findings from a survey indicating that 89% of individuals experience low energy during winter, with 51% wishing for unlimited energy to prioritize their health. The company, boasting 17 million members across 2,410 locations, emphasizes accessible fitness through affordable pricing and a welcoming environment. The release highlights the new features of the Planet Fitness app, enhancing user experience and workout guidance.
On January 20, 2023, Planet Fitness announced its ranking as #28 overall and #1 in the fitness category in Entrepreneur's Franchise 500® for the fifth consecutive year. This ranking reflects the company's strong performance in areas such as store growth, financial stability, and brand recognition. As of December 31, 2022, Planet Fitness boasted approximately 17 million members, an increase of 1.8 million from 2021. The company opened 158 new locations in 2022, reaching a total of 2,410 stores across multiple regions. CEO Chris Rondeau highlighted the brand's mission to democratize fitness, emphasizing its commitment to health and wellness.
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