Planet Fitness CEO Says Gym Membership Reached Pre-Pandemic Level

Planet Fitness gyms membership has almost returned to its pre-pandemic peak. This shows the people’s eagerness to exercise outside of their homes. The company reported the total revenue which is 46.4% high compared to last year.

CEO Chris Rondeau said in an interview on Mad Money that the gym chain now has 15 million members, describing that figure as “incredible” after locations were shuttered for months early during the Covid crisis and then even when they reopened, many people were hesitant to return right away. Planet Fitness raised full-year guidance on a number of metrics, including revenue and new store openings.

Planet Fitness shares surged 11.7% Thursday to close at $92.25, hitting a record high during the session. Investors cheered the company’s strong third-quarter financial results, which contained Planet Fitness’ first earnings beat since the fourth quarter of 2019. Total revenue of $154.3 million was up 46.4% compared with the same period last year when the pandemic weighed heavily.Total revenue of $154.3 million was up 46.4% compared with the same period last year when the pandemic weighed heavily. Planet Fitness also raised full-year guidance on a number of metrics, including revenue and new store openings.

The CEO said that they notices the highest third-quarter net member growth in company history. People are wishing to work out in gyms and not in their houses. They’re coming back faster than that the company predicted. People are rejoining the clubs faster than they have ever seen. The Gen Z’s are joining faster than we’ve ever seen. All the winds are blowing in the right direction, and the sails are wide open.