It's a testament to the strength of our brand that more than 13 million people remained members of Planet Fitness in the depths of the global pandemic when most of our gyms were temporarily closed.
Planet Fitness CEO Chris Rondeau commented, "Our membership momentum continues to defy our historical seasonal patterns, and, as of the end of July we had more than 15 million members. The Company had 98% of their gyms open by the end of the quarter. Revenues rose 241.1% year-over-year (YOY) to $137.25 million, beating analyst estimates for $127.56 million. The Company reported an adjusted earnings-per-share (EPS) profit of $0.21 excluding non-recurring items versus consensus analyst estimates for a profit of $0.23, missing estimates by (-$0.02). 9, 2021, Planet Fitness released its fiscal second-quarter 2021 results for the quarter ending June 2021. Prudent investors looking for exposure in the fitness segment amid reopening trends can watch for opportunistic pullbacks in shares of Planet Fitness.ĭ contributor/ - MarketBeat The permanent closures of local gyms have left a void in the fracture industry that Planet Fitness is determined to fill. While the Delta variant of Covid-19 is spreading rapidly, the acceleration of COVID vaccinations and booster shots continue to be an effective remedy moving forward.
This is the theme behind the run-up in national chains, especially in the restaurant segment. The nation experienced so many gym closings during the pandemic that Planet Fitness was able to grow market share just by staying in business. Keep in mind the pandemic produced a war of attrition for national chains as struggling mom and pop businesses went out of business. Membership and revenue momentum is continuing to accelerate despite the Company lowballing forward estimates.
Planet Fitness survived the pandemic with its 4,000 locations and 98% of its gyms open and operating at the end of Q2 2021. Gym operator Planet Fitness (NASDAQ: PLNT)stock is pulling back down despite the reopening trend continuing to accelerate.
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