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, Inc. (NYSE: PLNT) will report its first quarter results on May 10, 2022, prior to market opening. A conference call to discuss the financial results is scheduled for 8:00 a.m. ET on the same day. Investors can access the call via webcast or by dialing (844) 200-6205 or (929) 526-1599, with conference number 920672. An audio replay will be available within two hours post-call and last for a year. As of December 31, 2021, Planet Fitness had 15.2 million members and 2,254 locations globally.
Planet Fitness invites everyone to de-stress this tax season with a free workout and HydroMassage from April 15 to 18 at over 2,200 locations nationwide. This offer, available to members and non-members, allows participants to relax with HydroMassage, which provides customizable massage experiences. The initiative highlights Planet Fitness's commitment to member safety with enhanced COVID-19 protocols, earning the WELL Health-Safety Rating for its facilities. Interested individuals can find their nearest club at PlanetFitness.com.
Planet Fitness, Inc. (NYSE: PLNT) announced its participation in the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum on March 7, 2022, at 8:00 am Pacific Time. A live webcast of the presentation will be available on their investor website. As of December 31, 2021, Planet Fitness had 15.2 million members and operates 2,254 stores across multiple regions, including the U.S., Canada, and Mexico. The company's mission is to provide a welcoming fitness experience in a non-intimidating environment.
Planet Fitness, Inc. (PLNT) reported strong fourth-quarter results for 2021, with total revenue rising by 37.3% to $183.6 million. The company surpassed its pre-pandemic membership peak, reaching 15.6 million members. Adjusted net income also grew 49.6% to $22.5 million, or $0.26 per diluted share. The fiscal year saw total revenue increase 44.4% to $587 million, with a net income of $42.8 million. The acquisition of Sunshine Fitness adds over 100 locations to their portfolio, enhancing growth opportunities.
Planet Fitness has successfully completed the acquisition of Sunshine Fitness Growth Holdings, which includes 114 fitness locations across several southeastern states. This move, valued at up to $325 million, aligns with Planet Fitness's strategy to increase its corporate store ownership to 10 percent of its portfolio, enhancing its asset-light model. Additionally, the Company issued $900 million in Senior Secured Notes to finance the acquisition and refinance existing debt. CEO Chris Rondeau emphasized the long-term opportunities for growth within the fitness industry amidst current market challenges.
Planet Fitness, Inc. (NYSE: PLNT) announced its fourth quarter results for 2021 will be reported on February 24, 2022, before market opening. A conference call for discussing these results is set for 8:00 a.m. ET that same day, accessible via webcast or dial-in at (844) 200-6205. As of December 31, 2021, Planet Fitness boasted 15.2 million members across 2,254 locations globally. The company aims to provide a Judgement Free Zone® experience to enhance fitness accessibility.
On February 7, 2022, Planet Fitness announced a study revealing that Americans typically abandon New Year's resolutions after just 41 days. To combat this, the company has declared February 11 as "Resolution Reset Day," encouraging individuals to renew their fitness commitments. The study highlights that 91% of resolution-setters have fitness goals, primarily aimed at improving health and self-image. Planet Fitness is promoting a limited-time offer with $0 enrollment and $10 monthly fees from February 7 to 16. The brand also emphasizes its commitment to member safety with enhanced COVID-19 protocols.
Planet Fitness, Inc. has priced $900 million of Series 2022-1 Class A-2 Fixed Rate Senior Secured Notes, consisting of two tranches: $425 million due in five years with a 3.251% interest rate, and $475 million due in ten years with a 4.008% interest rate. Proceeds will be used to repay approximately $556.3 million of existing notes and fund part of the $325 million acquisition of Sunshine Fitness. The transactions are expected to close around February 10, 2022, subject to certain conditions.
On January 11, 2022, Planet Fitness (NYSE: PLNT) announced a definitive agreement to acquire Sunshine Fitness Growth Holdings, which operates over 100 Planet Fitness clubs in the Southeastern United States, in a cash and stock deal valued at $800 million. The acquisition is expected to enhance Planet Fitness' corporate store portfolio, growing from approximately 10% of total stores to over 200 locations. The transaction, anticipated to close in Q1 2022, is projected to be accretive to the company's adjusted net income per diluted share in the low double-digit percent range.
Planet Fitness has been ranked #7 overall in Entrepreneur magazine's Franchise 500®, leading the fitness category for its impressive performance in unit growth, financial strength, and brand power. This recognition marks the fourth consecutive year the company has achieved this honor. With over 15 million members and 2,193 locations as of September 30, 2021, Planet Fitness offers affordable memberships starting at $10. Their mission focuses on providing a welcoming, non-intimidating fitness experience, contributing to their growth and market presence.
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