11 May 2022
Revenues jump 67 per cent at Planet Fitness ahead of expansion into new markets
BY Tom Walker
Planet Fitness saw its Q1 2022 revenue increase by 66.9 per cent (to US$186.7m) on 2021 – the latest sign that the US fitness market is bouncing back.
Even more impressively, the figure marks an increase on Q1 2019 revenues (US$148.8 million) – the last comparable quarter not impacted by the pandemic.
The operator opened 37 new sites during the period, bringing the system-wide number of clubs to 2,291.
It also acquired one of its franchisees, Sunshine Fitness, increasing the number of its corporate-owned club portfolio by 114 sites.
Chris Rondeau, Planet Fitness CEO, said the company remains "bullish on the future".
"We believe that the acquisition strengthens our powerful business model by enhancing our corporate store team and diversifying the geographic profile of our corporate-owned stores," he said.
"We've also completed a refinancing, which further supports our business model, by locking in low rates on a significant portion of our debt."
Rondeau added that plans to enter into new markets – such as New Zealand and Mexico – are proceeding and will take place later this year.
Planet Fitness announced a deal to grow the New Zealand market this week (10 May 2022), following the signing of an Area Development Agreement with Castle Point Fitness NZ Ltd, a joint venture between the founder of The Fresnel Companies, LLC, a US-based investment firm and a private family office.
The agreement will bring a minimum of 25 Planet Fitness locations to New Zealand over the next "several years".
You can read HCM's recent exclusive interview with Chris Rondeau herehere.
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