Planet Fitness Inc. reported Tuesday second-quarter profit that was in line with expectations but revenue that missed, while same-store sales rose more than forecast. Net income that rose to $22.3 million, or 26 cents a share, from $14.0 million, or 17 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 38 cents matched the FactSet consensus. Revenue grew 63.5% to $224.4 million, above the FactSet consensus of $230.1 million, while same-store sales growth of 13.6% beat expectations of an 11.0% rise. “During the second quarter, our join trend returned to pre-pandemic seasonality with the addition of approximately 300,000 net new members, ending the quarter with more than 16.5 million,” said Chief Executive Chris Rondeau. The company affirmed its 2022 guidance for same-store sales growth in the low double-digit percentage range and for revenue to rise in the mid-50% range. The stock, which was still inactive in premarket trading, has rallied 17.5% over the past three months, while the S&P 500 has gained 3.7%.
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