15 Nov 2019
Planet Fitness to begin operations in Australia
BY Tom Walker
Franchised operator Planet Fitness has unveiled plans to expand its footprint into Australia.
The first sites will be located in Tuggerah and Gosford in the Central Coast of New South Wales, while a location in Casula is expected to open in 2020.
The openings will be part of an area development deal signed with Bravo Fit Holdings, which will see a minimum of 35 Planet Fitness locations being launched in Australia.
Bravo Fit is a joint venture set up by two existing US franchisees – Bravo Fit and PF Growth Partners – in partnership with Galactic Fitness, a company owned and operated by Dallas Rosekelly, a leading Australian fitness operator.
"We are excited to announce our plans to expand the Planet Fitness brand into Australia," said Ray Miolla, chief development officer at Planet Fitness.
"Australia represents a unique opportunity to grow in a market that combines a favourable operational environment, consumer affinity for US brands, a desirable competitive landscape and an opportunity to develop a large fleet of clubs."
The move coincided with Planet Fitness reporting its financial results for the third quarter, ending 30 September 2019.
The figures show that total revenue increased by 22.1 per cent to US$166.8m, when compared to the same period in 2018, while net income increased 45.0 per cent to US$29.7m.
Adjusted EBITDA increased 22.2 per cent to US$65.7m (up from US$53.8m in 2018).
"We delivered another quarter of very solid results," stated Chris Rondeau, CEO.
"High-single digit system-wide same store sales, combined with accelerated new store openings and our franchisees' continued commitment to re-equip their existing clubs with new equipment, fueled a 22 per cent increase in total revenue.
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