PLNT - Here's Why Over 1 Million People Have Quit Planet Fitness Since July
If you peek inside a Planet Fitness (NYSE: PLNT) gym location these days, things look busy. Granted, it might not be as busy as it once was, but members are nonetheless exercising despite the ongoing COVID-19 pandemic. Management says that its usage rates (how many people are actually present in the building) are currently 67% to 74% of what they were last year at this time.
The usage rate appears to be trending in the right direction. But it doesn't tell the whole story for Planet Fitness, and the next stat should give investors pause. Since July, the company has lost over 1 million members.
Image source: Getty Images.
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Here's Why Over 1 Million People Have Quit Planet Fitness Since July