Planet Fitness reports Q1 adjusted EPS 53c, consensus 50c

Reports Q1 revenue $248.02M, consensus $249.48M. System-wide same store sales increased 6.2%. “Planet Fitness ended the first quarter with approximately 19.6 million members and system-wide same store sales growth of 6.2 percent primarily driven by new member growth. During the quarter, we faced several headwinds which impacted our results including a shift in consumer focus in the New Year to savings and concern over the increase in COVID infections and other illnesses, as well as a national advertising campaign that we believe may not have resonated as broadly as we had anticipated. As a result of these and other factors, we are lowering our outlook for the full year,” said Craig Benson, Interim Chief Executive Officer. “Despite these near-term headwinds, we are acting on the things that we can control. We’re focused on advancing our New Franchisee Growth Model and its strategic priorities and supporting our franchisees, while driving enhanced value for shareholders.”