A summary of the Planet Fitness third quarter 2022 results ending on September 30, 2022.
Planet Fitness has reported financial results for its third quarter, which ended on September 30, 2022.
The fitness franchise reported:
- Total revenue increased from the prior year period by 58.4% to $244.4 million.
- System-wide same store sales increased 8.2%.
- System-wide sales increased $98 million to $968 million, from $870 million in the prior year period.
- Net income attributable to Planet Fitness, Inc. was $26.9 million, or $0.32 per diluted share, compared to $17.4 million, or $0.21 per diluted share, in the prior year period.
- Net income increased $12.0 million to $30.7 million, compared to $18.6 million in the prior year period.
- Adjusted net incomeincreased $16.6 million to $38.2 million, or $0.42 per diluted share, compared to $21.7 million, or $0.25 per diluted share, in the prior year period.
- Adjusted EBITDAincreased $32.2 million to $93.9 million from $61.7 million in the prior year period.
In addition, 29 new Planet Fitness stores opened during the period. The brand now boasts 2,353 locations as of September 30, 2022.
“We continue our steady recovery from the pandemic and ended the quarter with more than 16.6 million members, an all-time record high for Planet Fitness,” said Chris Rondeau, the CEO of Planet Fitness, in a statement. “Member trends remained strong in the quarter with joins back to historical pre-pandemic seasonality. Also, members who are visiting the gym continue to visit more frequently, and cancels are lower compared to 2019, which we believe are signs that members are generally more committed to fitness. We are focused on our efforts to continue to increase our penetration of all generations with a strong emphasis on the Gen Z demographic by converting teen participants from our recent High School Summer Pass Program, and their parents and guardians, to paying members.”
In Q3 of 2022, total revenue for Planet Fitness increased $90.1 million or 58.4% to $244.4 million from $154.3 million in the prior year period, which included system-wide same store sales growth of 8.2%.
On November 7, Planet Fitness also announced a collaboration with Amazon. Now through November 15, new members who sign up for the Black Card membership at Planet Fitness will receive a complimentary Amazon Halo View wellness tracker, along with one year of full access to an Amazon Halo exclusive membership with features and content.
