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Planet Fitness (NYSE:PLNT) reports total revenue increased 66.9% to $74.8M in Q1 against a soft pandemic comparable.
Franchise segment revenue increased 25.0% to $80.1M. Corporate-owned stores segment revenue increased 101.1% to $76.2M. Equipment segment revenue increased 206.2% to $30.4M.
Adjusted EBITDA increased 77% to $77.3M during the quarter.
On the development front, Planet Fitness stores said 37 new stores were opened during the period to bring system-wide total stores to 2,291 at the end of the quarter. In a separate announcement, Planet Fitness (PLNT) said it has signed an agreement with Castle Point Fitness NZ Ltd. to expand the brand into New Zealand. PLNT expects to open 25 locations in New Zealand over the next several years as part of its international expansion.
As for guidance, PLNT expects system-wide same store sales in the low double-digit percentage range. Revenue is forecast to increase in the mid-50 percent range.
Shares of Planet Fitness (PLNT) traded flat in premarket action following the mixed Q1 earnings report.
