By Exec Edge Editorial Staff
Revenue soared at Planet Fitness, Inc. (NYSE: PLNT) during the second quarter as gym-goers returned to pre-pandemic workout routines, helping drive a surge in same-store sales.
Total revenue increased from the prior year period by 63.5% to $224.4 million, with system-wide same store sales up 13.6%.
“Our high-quality, affordable fitness experience resonates now more than ever as Americans are seeking value and feeling the rising costs of everyday items such as food and gas,” said Chris Rondeau, Chief Executive Officer. “We believe that people will continue to prioritize their health and wellness while being more cost-conscious, and we offer a welcoming environment for people of all fitness levels. During the second quarter, our join trend returned to pre-pandemic seasonality with the addition of approximately 300,000 net new members, ending the quarter with more than 16.5 million.”
The company also announced it has promoted 22-year veteran Jamie Medeiros to a newly-created role of Chief Brand Officer.
The company reiterated its full year guidance, assuming “there is no significant worsening of the COVID-19 pandemic that seriously impacts performance, including prolonged store closures or other mandated operational restrictions.”