PLNT - Planet Fitness powers up strong quarter off record membership growth new stores

Planet Fitness ( NYSE: PLNT ) recorded revenue growth of 53.2% in Q4 to $936.8M. System-wide same store sales were up in the high single-digit percentage range during the quarter.

Franchise segment revenue increased 10.0% to $86.3M. Higher royalty revenue and new stores contributed to the gain.

Corporate-owned stores segment revenue increased 123.9% to $100.5M with new stores and double-digit same-store sales growth both a factor.

Equipment segment revenue increased 56.7% to $34.2M. During the quarter, the gym operator had equipment sales to 66 new franchisee-owned stores compared to 63 in the prior year.

Adjusted net income increased 115.6% to $47.3M during the quarter and adjusted EBITDA rose 70.7% to $106.1M.

"We ended 2022 with record membership growth in the fourth quarter, which created great momentum coming into Q1 of this year. Driving the member growth was a strong December national sale, fueled by a more coordinated marketing agency structure enabling us to better leverage data analytics to optimize national and local media spend," noted CEO Chris Rondeau.

Shares of Planet Fitness ( PLNT ) traded flat in the premarket session on Thursday following the Q4 earnings topper.

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