Canox HK - Planet Fitness stock is rising as a result of membership and store expansion

Planet Fitness (PLNT) stock soared after the fitness center operator reported better-than-expected profits and boosted its projection as it gained members and outlets.
SHEUNG WAN, Hong Kong - Nov. 17, 2023 - PRLog -- The firm reported $0.59 profits per share (EPS) in the third quarter, with revenue increasing 13.6% year on year to $277.6 million. Both exceeded expectations. In line with expectations, same-store sales grew 8.4%.

Planet Fitness reported more than 18.5 million members at the end of September, up from 18.4 million in the previous quarter and 18.1 million in the first. During the third quarter, the firm added 26 stores to its global total of 2,498.

Interim CEO Craig Benson announced a restructuring of the company's operations, explaining that the company would be "adjusting our store-level return model to further improve the attractiveness of opening and operating Planet Fitness stores in an evolving macro-environment." He added that the modifications would involve lowering capital costs by "extending the timetable for replacing equipment and completing remodels."

Benson also stated that he is aiding the board in its search for a new CEO. Previous CEO Chris Rondeau was abruptly fired in mid-September without explanation. He is still on the board and is assisting with the changeover.

The business now expects full-year sales to increase 14%, up from 12% before. It expects profits before interest, taxes, depreciation, and amortization (EBITDA) to reach 18%, up from 17% before.

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