PLNT - Planet Fitness stock falls 3.1% as pandemic continues to batter results

Planet Fitness (PLNT) stock drops 3.1% in after-hours trading after posting a 30% Y/Y revenue decline in Q4 and system-wide same-store sales decrease of 10.6% as the COVID-19 continues to take a toll on its business.Still, the company is hopeful that business will improve as people get vaccinated. And the pandemic hasn't stopped the gym operator from opening new locations; 41 new Planet Fitness stores were opened system-side during the period."While we anticipate the operating environment to remain volatile and unit growth to be modest in the near-term, we are increasingly optimistic about our growth opportunities as the vaccine continues to rollout and consumers increasingly return to daily activities, such as bricks and mortar fitness," said CEO Chris Rondeau.Q4 adjusted EBITDA fell 33.3% to $51.1M from $76.6M.Q4 franchise segment revenue fell 8.8% to $66.9M, primarily a result of temporary store closures related to COVID-19, as well as reduced membership levels, and lower equipment

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Planet Fitness stock falls 3.1% as pandemic continues to batter results