PLNT - Planet Fitness Memberships Near Pre-Pandemic Numbers

Planet Fitness (NYSE: PLNT) memberships have almost returned to pre-pandemic levels as people continue to return to gyms, according to CEO Chris Rondeau. The company’s revenue has risen 46.4% throughout the year to USD154.3 Million.

“We are emerging from the COVID-19 pandemic stronger than ever,” Rondeau said in a press release. “In the third quarter, we returned to positive systemwide same-store sales growth and achieved the highest sequential net member growth of any third quarter in company history.”

During an interview, Rondeau said that the company currently has 15 million members, which according to him was “unbelievable,” following the crisis it underwent amid the pandemic.

“Our height was 15.5 [million members]. We’re 97% all the way recaptured back to where we were pre-Covid,” Rondeau said.

Amid the positive news, Planet fitness opted to update its full-year outlook. The gym chain now anticipates revenue to be between USD570 Million to USD580 Million, compared to its previous forecast of USD530 Million to USD540 Million. Furthermore, earnings are now expected to be USD0.75 to USD0.80 per share, an increase from USD0.65 and USD0.70.

Meanwhile, Peloton’s shares tumbled as people continued to steer away from at-home workouts.

“I never waivered. Me and my team, the franchisees, we knew once we got on the other side of this, people are going to gravitate back [to gyms],” he said. He added, “We’re definitely stronger now on the other side of this, and our moat is even that much wider.”

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