Planet Fitness reports Q2 EPS 65c, consensus 54c

Reports Q2 revenue $286.46M, consensus $251.97M. System-wide same store sales increased by 8.7%. “Our judgement free, high-quality, and affordable fitness experience continues to resonate with consumers as all generational groups have surpassed their pre-pandemic penetration levels. More of our members are working out more frequently, previous members are rejoining at a faster rate than they did pre-pandemic, and they’re staying longer as Q2 was our eighth straight quarter with lower year-over-year cancellation rates,” said Chris Rondeau, Chief Executive Officer. “Despite continued strong member growth, as a result of the compounding effects of higher new store construction costs and increased interest rates, we are reducing our 2023 outlook for placements of equipment in new franchisee stores to approximately 140. While we are bringing down our near-term store growth forecast due to external headwinds, the fundamentals of the business remain strong as evidenced by our Q2 results, and we repurchased $100 million in shares during the quarter reflecting our strong balance sheet and confidence in the future.”