Planet Fitness Reports Q2 2023 Financial Results
Krissy Vann | Host, All Things Fitness and Wellness
Planet Fitness, Inc. (NYSE:PLNT) has released its financial results for the second quarter ending June 30, 2023. The company's CEO, Chris Rondeau, highlighted the continuing appeal of their "judgement-free, high-quality, and affordable fitness experience" as all generational groups have exceeded pre-pandemic penetration levels. Despite robust member growth, external factors like increased construction costs and higher interest rates prompted the company to adjust its 2023 outlook for equipment placements in new franchisee stores to approximately 140.
Key Q2 2023 results include:
Total revenue increased by 27.6% to $286.5 million compared to the prior year.
System-wide same store sales grew by 8.7%.
Net income attributable to Planet Fitness was $41.1 million, or $0.48 per diluted share, up from $22.3 million in the prior year.
Adjusted net income reached $57.7 million, or $0.65 per diluted share, up from $33.9 million in the prior year.
Adjusted EBITDA surged to $118.9 million from $89.1 million in the prior year.
In terms of store expansion, 26 new Planet Fitness stores were opened during the period, comprising 3 corporate-owned and 23 franchisee-owned stores. Despite a shift in short-term store growth forecasts due to external challenges, the company's fundamentals remained robust, leading them to repurchase $100 million in shares during the quarter.
Elevate Your Expertise: Tune in to Our YouTube Channel for Exclusive Podcasts with fitness and wellness Industry Titans and Game-Changers
