08 Nov 2021
Planet Fitness says membership has reached '97%' of pre-pandemic levels
BY Tom Walker
Planet Fitness says a surge in people returning to gyms has helped it recover from the pandemic lockdowns.
The franchised operator, which has 2,193 clubs across five countries, has seen its membership level nearly return to its pre-pandemic peak, allowing the group to revise its top- and bottom-line key financial guidance metrics for 2021.
Announcing its Q3 results, Planet Fitness said it had ended the quarter with more than 15 million members – which is around 97 per cent of its pre-COVID-19 high of 15.5m.
Total revenue during the three months to 30 September was US$154.3m – up 46.4 per cent on the same period in 2020.
Chris Rondeau, Planet Fitness CEO, said: "We are emerging from the COVID-19 pandemic and the third quarter, we returned to positive system-wide same-store [club] sales growth and achieved the highest sequential net member growth of any third quarter in company history, as well as our highest franchise segment revenue on record.
"As we look ahead to our 30th anniversary next year, I am more enthusiastic than ever with several factors driving both near- and long-term growth opportunities.
"These include our franchisees' enthusiasm to continue to invest in the brand, the transition to one agency for both our local and national advertising and the world's growing appreciation for the importance of improving overall health and wellness.
"With so much potential given the changing market dynamics and industry tailwinds, we believe that our non-judgmental and affordable model will be even more differentiated."
Planet Fitness expects new club openings for 2021 to be between 110-120 – it opened 24 during the third quarter.m of 2021.
The Q3 announcement resulted in shares in the company jumping by around 14 per cent, from US$84 to US$96.
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