PLNT - Why Planet Fitness Stock Was Soaring This Week
2023-11-10 11:13:09 ET
Planet Fitness (NYSE: PLNT) shareholders are feeling a bit stronger this week. The stock rose 13% through Thursday trading, beating a nearly flat S&P 500 during that time. That rally only erased a small part of the fitness club's losses for the year, though, and shares remain in deeply negative territory. Planet Fitness is down 20% so far in 2023 compared to a 13% increase in the wider market.
This week's boost was sparked by some positive operating results and the announcement of further cost cuts by the company's management team.
Planet Fitness on Nov. 7 announced generally solid sales trends in the third quarter that ran through late September. Same-store sales were up 8%, mainly thanks to the chain's rising membership pool. The company added 26 new gym locations, too, helping push overall revenue up 14% to $278 million.
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Why Planet Fitness Stock Was Soaring This Week