A summary of the Planet Fitness Second Quarter 2022 Results ending on June 30, 2022.
On August 9, Planet Fitness, Inc. (NYSE:PLNT) reported financial results for its second quarter, which ended on June 30, 2022.
The national fitness franchise, which boasts 2,324 locations, saw system-wide same store sales increase by 13.6%. It ends the second quarter with a total membership of more than 16.5 million people.
Other significant stats from the report include:
- Total revenue increased from the prior year period by 63.5% to $224.4 million.
- Net income attributable to Planet Fitness, Inc. was $22.3 million, or $0.26 per diluted share, compared to $14.0 million, or $0.17 per diluted share, in the prior year period.
- Net income increased $10.1 million to $25.1 million, compared to $15.0 million in the prior year period.
- 34 new Planet Fitness stores were opened in the second quarter, bringing system-wide total stores to 2,324 as of June 30, 2022.
In the report, Planet Fitness also highlighted its High School Summer Pass program, which offers teens a chance to work out for free at Planet Fitness locations over the summer. This year more than 3.3 million teens enrolled in the program. According to the company, this is more than three times the number of participants compared to 2019’s program.
Concerning the Q2 results, CEO Chris Rondeau shared the following in a statement:
“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. We believe 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. We now have more than 3.3 million teens enrolled in our High School Summer Pass, a program that offers teens a chance to work out for free at our gyms over the summer — an extremely important initiative given the ongoing and alarming teen mental health crisis. This is more than three times the number of participants than when we last ran the program in 2019. Nearly 15% of all high school-aged teens in the U.S. are either enrolled in the program or are a paying member at Planet Fitness. We’re proud to be helping them establish healthy habits that they can build upon into the future.”
Planet Fitness also announced the retirement of company president Dorvin Lively, who will transition out of the position over the next couple of months. The company has begun a search for a new president.
In addition, Jamie Medeiros has been promoted to a newly-created role of chief brand officer, after serving as vice president of national marketing for the company.
The full Planet Fitness Second Quarter 2022 Results can be found here.