PLNT - Here's Why Planet Fitness Stock Fell Today
Shares of exercise gym chain Planet Fitness (NYSE: PLNT) were down on Tuesday after its financial results for the second quarter of 2022 failed to live up to Wall Street's expectations. As of 3:30 p.m. ET, Planet Fitness stock was down 6%, having been down 10% earlier in the session.
Planet Fitness generates revenue in three ways: franchise fees, revenue from company-owned locations, and equipment sales to franchises. In Q2, the company generated revenue of $224 million, up 63.5% year over year.
Planet Fitness' revenue from its company-owned locations made the biggest jump. This segment's revenue was up 150% from last year and accounted for 45% of total revenue. And more people are signing up for gym memberships now that restrictions from the pandemic continue to relax. The company added roughly 300,000 net new members during the quarter, and same-store sales were up 13.6% year over year.
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Here's Why Planet Fitness Stock Fell Today