PLNT - Demand at Planet Fitness better than anticipated - JPMorgan
JPMorgan runs the latest numbers on Planet Fitness (PLNT) with the gym operator in recovery mode. "With >1,900 gyms (~95%) currently open (majority of closures remain in CA), the second derivative of membership cancellations should slow with the last bucket rolling off in Oct/Nov. Usage rates are at 70- 85% for the clubs opened in May versus the system-wide average at 60-65%, which is steady and currently ~30% of members are using the gym in a 30-day period vs 50% pre-crisis," updates analyst John Ivankoe."Fewer membership adds from the senior population than the millennials is not surprising but overall demand has been on-par with last year despite no meaningful marketing since Jan/Feb 2020. September’s “$0 down and $10/month with no commitment” sale is just last July’s sale pushed back while the upcoming October sale is moved to the back half of November. NYE Times Square ads can expect a higher
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Demand at Planet Fitness better than anticipated - JPMorgan