Welcome to our dedicated page for Planet Fitness news (Ticker: PLNT), a resource for investors and traders seeking the latest updates and insights on Planet Fitness stock.
Planet Fitness, Inc. operates and franchises fitness clubs under a subscription-based model and reports developments across its Franchise, Corporate-owned clubs and Equipment segments. News commonly covers quarterly and annual results, system-wide same-club sales, membership trends, club openings, equipment placements in franchisee-owned locations and updates to operating outlook.
The company’s updates also address its club network in the United States and select international markets, franchisee activity, membership initiatives, board appointments and executive finance leadership changes.
On February 7, 2022, Planet Fitness announced a study revealing that Americans typically abandon New Year's resolutions after just 41 days. To combat this, the company has declared February 11 as "Resolution Reset Day," encouraging individuals to renew their fitness commitments. The study highlights that 91% of resolution-setters have fitness goals, primarily aimed at improving health and self-image. Planet Fitness is promoting a limited-time offer with $0 enrollment and $10 monthly fees from February 7 to 16. The brand also emphasizes its commitment to member safety with enhanced COVID-19 protocols.
Planet Fitness, Inc. has priced $900 million of Series 2022-1 Class A-2 Fixed Rate Senior Secured Notes, consisting of two tranches: $425 million due in five years with a 3.251% interest rate, and $475 million due in ten years with a 4.008% interest rate. Proceeds will be used to repay approximately $556.3 million of existing notes and fund part of the $325 million acquisition of Sunshine Fitness. The transactions are expected to close around February 10, 2022, subject to certain conditions.
On January 11, 2022, Planet Fitness (NYSE: PLNT) announced a definitive agreement to acquire Sunshine Fitness Growth Holdings, which operates over 100 Planet Fitness clubs in the Southeastern United States, in a cash and stock deal valued at $800 million. The acquisition is expected to enhance Planet Fitness' corporate store portfolio, growing from approximately 10% of total stores to over 200 locations. The transaction, anticipated to close in Q1 2022, is projected to be accretive to the company's adjusted net income per diluted share in the low double-digit percent range.
Planet Fitness has been ranked #7 overall in Entrepreneur magazine's Franchise 500®, leading the fitness category for its impressive performance in unit growth, financial strength, and brand power. This recognition marks the fourth consecutive year the company has achieved this honor. With over 15 million members and 2,193 locations as of September 30, 2021, Planet Fitness offers affordable memberships starting at $10. Their mission focuses on providing a welcoming, non-intimidating fitness experience, contributing to their growth and market presence.
Planet Fitness, a leading fitness center franchisor, will participate in the ICR Conference 2022 on January 11, 2022, at 11:30 am Eastern Time. The company is known for its Judgement Free Zone® philosophy and has grown rapidly, boasting over 15 million members and 2,193 locations across the U.S., Canada, and other countries as of September 30, 2021. A live webcast of the presentation can be accessed via their investor relations page.
Planet Fitness has become the first fitness brand to earn the WELL Health-Safety Rating from the International WELL Building Institute (IWBI), highlighting its commitment to safety and health in its nearly 2,200 clubs worldwide. This rating, awarded after rigorous third-party verification, recognizes Planet Fitness for adopting science-backed measures to enhance air quality, hygiene, and emergency preparedness. The WELL Health-Safety seal will soon be displayed at all locations, assuring members of a safe workout environment as the company continues to prioritize health and wellness.
Planet Fitness has announced a limited-time holiday promotion inviting new members to join for just $1 down and $10 per month from December 13 to 15. The campaign emphasizes the importance of mental and physical health and promotes their Judgement Free Zone environment, appealing to individuals of all fitness levels. Enhanced COVID-19 safety measures are in place, including touchless check-ins and increased sanitization. As of September 30, 2021, Planet Fitness reported over 15 million members and 2,193 clubs across several countries.
Planet Fitness (PLNT) reported significant growth in its Q3 2021 results, achieving a total revenue of $154.3 million, a 46.4% increase from the prior year. The company reached a net income of $17.4 million, or $0.21 per diluted share, compared to a net loss in Q3 2020. System-wide same store sales grew 7.2%, marking a return to positive performance. The company opened 24 new stores, bringing the total to 2,193. Outlook for 2021 includes revenue expectations of $570 million to $580 million and adjusted EBITDA between $210 million and $220 million.
TowerBrook Capital Partners has completed the acquisition of ECP-PF Holdings Group, a major franchisee of Planet Fitness (NYSE: PLNT), which operates 108 clubs in the U.S. and Canada. The acquisition aims to enhance TowerBrook's position in the North American fitness landscape, leveraging ECP-PF’s strong growth track record. The partnership is expected to accelerate ECP-PF's expansion and operations, with CEO David Humphrey highlighting plans for new club locations. Financial terms were not disclosed, but TowerBrook's extensive resources are anticipated to significantly support ECP-PF's growth.
Planet Fitness (NYSE: PLNT) has appointed Huge as its new digital agency of record, following a strategic review. This collaboration aims to accelerate Planet Fitness's digital strategy, enhancing its mobile app, website, and in-club digital experiences. The focus will be on customer satisfaction, member retention, and a seamless omni-channel approach to support fitness journeys. Huge's innovative work aligns with Planet Fitness's goal to democratize fitness, making it accessible to a broader audience, particularly the 80% of the population that doesn't currently belong to a gym.