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 (NYSE: PLNT) reported significant growth in 2022, ending the year with approximately 17.0 million members, an increase of 1.8 million from 2021. The company opened 158 new stores in total, including 14 corporate-owned locations, bringing the total to 2,410 stores across various regions. The fourth quarter of 2022 witnessed the largest membership growth on record, driving positive momentum into 2023. The company plans to release its full fiscal year results and 2023 outlook on February 23, 2023.
Planet Fitness (NYSE: PLNT) announced a new promotion for PF Black Card members, allowing savings of up to 15 cents per gallon on fuel through the Fuel Rewards® program at Shell, valid until March 15, 2023. This partnership has seen members redeem savings on over 1.4 million gallons of gas. The program is part of Planet Fitness's broader strategy to enhance membership value with additional discounts from various partners such as Grubhub+, Amazon Halo, and Reebok.
Planet Fitness (NYSE: PLNT) announced participation in the ICR Conference 2023, with a management fireside chat scheduled for January 11, 2023, at 10:30 am Eastern Time. A live webcast will be available on their investor website. As of September 30, 2022, Planet Fitness had over 16.6 million members and 2,353 locations across the U.S. and internationally. The company aims to enhance lives through a welcoming fitness environment, known as the Judgement Free Zone®.
Planet Fitness has appointed Edward Hymes as President and Chief Operating Officer, effective January. Reporting directly to CEO Chris Rondeau, Hymes will oversee U.S. and international franchise operations, equipment sales, corporate stores, and the technology and legal functions. Hymes brings over 30 years of experience, notably at Jiffy Lube, where he managed operations for over 2,000 franchises. His leadership aims to accelerate growth for Planet Fitness, which currently boasts over 16.6 million members and 2,353 locations across several countries.
Planet Fitness has announced its return as the presenting sponsor of Times Square's New Year's Eve celebration for the eighth consecutive year, partnering with Times Square Alliance and Countdown Entertainment. The event will feature Planet Fitness-themed party hats and appearances on ABC's 'Dick Clark's New Year's Rockin' Eve with Ryan Seacrest.' With over 16.6 million members and 2,353 locations, the company emphasizes its commitment to fitness accessibility. Planet Fitness invites the public to submit their New Year's wishes, which will be featured on confetti during the midnight celebration.
Planet Fitness, Inc. (NYSE: PLNT) has launched a redesigned version of its mobile app, aimed at enhancing the user experience for both members and non-members. The app features a new home screen design, a 'Member Perks' section for exclusive discounts, and an upgraded 'Workouts' section offering hundreds of on-demand digital workouts. Additionally, the app introduces the 'My Journey' feature to help users track fitness activities. The updated app continues Planet Fitness's mission to make fitness accessible and convenient for everyone, fostering engagement both inside and outside gym facilities.
Planet Fitness announced it and its community have collectively raised over $8 million since 2016 for the Boys & Girls Clubs of America through The Judgement Free Generation® initiative. In October, $500,000 was raised during a fundraising effort for National Bullying Prevention Month. The funds support youth programming and scholarships, promoting kindness and inclusion. CEO Chris Rondeau emphasized the company's commitment to mental and physical wellness, while BGCA President Jim Clark expressed gratitude for the partnership.
Planet Fitness (NYSE: PLNT) held its inaugural Investor Day on November 15, 2022, in New York City, showcasing its robust asset-light franchise model. The company aims to double its member base, grow store count, and enhance digital engagement through its app. Financial targets include annual revenue growth in the low-to-mid teens, adjusted EBITDA growth in the high teens, and adjusted EPS growth of low-to-mid 20%, supported by a $500 million share repurchase authorization. CEO Chris Rondeau emphasized the company’s strong position post-pandemic.
Planet Fitness reported strong third quarter 2022 results, with total revenue up 58.4% to $244.4 million. The company ended the quarter with a record membership of over 16.6 million. System-wide same store sales increased by 8.2%. Adjusted net income rose to $38.2 million, or $0.42 per diluted share, while Adjusted EBITDA also increased to $93.9 million. The board authorized a $500 million share repurchase program, replacing the previous one. The outlook for 2022 includes revenue growth in the high-50% range and adjusted EBITDA growth of approximately 60%.
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