Planet Fitness CEO says gym membership almost hit pre-Covid peak – .

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Planet Fitness CEO says gym membership almost hit pre-Covid peak – .


Membership at Planet Fitness gyms is almost back to its pre-pandemic peak, CEO Chris Rondeau told CNBC on Thursday, illustrating the eagerness of people to exercise outside of their homes.
In an interview on “Mad Money,” Rondeau said the gym chain now has 15 million members, describing the figure as “unbelievable” after the locations were closed for months at the start of the Covid crisis, and then even when they reopened, many people were reluctant to do so. come back right now.

“Our size was 15.5 [million members]. We are 97% found where we were before Covid, ”Rondeau said.

Rondeau’s comments came after shares of Planet Fitness jumped 11.7% on Thursday to close at $ 92.25, hitting a record high during the session. Investors applauded the company’s strong third-quarter financial results, which contained Planet Fitness’s first battered earnings since the fourth quarter of 2019.

Total revenue of $ 154.3 million was up 46.4% from the same period last year, when the pandemic was taking its toll. Planet Fitness has also raised its annual forecast on a number of metrics, including revenue and new store openings.

“We had the strongest net growth in membership in the third quarter in company history,” Rondeau said. “People choose bricks and mortar. They’re coming back faster than we’ve ever seen. They are joining our clubs faster than we’ve ever seen. The Gen Zs are joining faster than we’ve ever seen. the winds are blowing in the right direction and the sails are wide open. “

After Thursday’s closing bell, Peloton posted a larger-than-expected loss in its first fiscal quarter, as well as revenues below Wall Street estimates. Shares of the fitness bike maker, which benefited greatly from the pandemic, fell more than 25% in after-hours trading.

Peloton’s results come against the backdrop of people returning to gyms like Planet Fitness.

“I never gave up. Me and my team, the franchisees, we knew that once on the other side, people would come back [to gyms] “, he said. He added, “We’re definitely stronger now on the other side of that, and our gap is even wider. “

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