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Planet Fitness Growth in 2024

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Planet Fitness reported a boost in same-store sales in the fourth quarter and highlighted 2024 as a pivotal year for the gym chain’s ongoing expansion.

Financial Performance

The fitness center chain, headquartered in Hampton, N.H., announced a fourth-quarter profit of $35.3 million, translating to 41 cents per share. This marks an improvement from $33.7 million, or 40 cents per share, recorded in the same period the previous year.

Adjusting for one-time items, the adjusted earnings stood at 60 cents per share, surpassing the 58 cents per share estimate by analysts surveyed by FactSet.

Revenue Growth

Revenue saw a 1.4% increase, reaching $285.1 million, exceeding the anticipated $282.2 million by analysts.

Strong Same-Store Sales

System-wide same-store sales, which exclude the effects of new and closing stores, experienced a 7.7% increase, aligning with analysts’ projections.

Outlook for 2024

Looking ahead to 2024, the company anticipates a high single-digit percentage rise in system-wide same-store sales. Planet Fitness also foresees revenue growth of 6% to 7% and aims for adjusted earnings to grow by 10% to 11%.

Transformation Year

Interim Chief Executive Craig Benson characterized 2024 as a “transition year,” emphasizing that franchisees would be integrating changes from the corporate growth strategy.

Expansion Goals

Benson revealed the company’s ambition to establish 5,000 locations in the U.S., up from their previous target of 4,000 set during their initial public offering in 2015. As of December 31, Planet Fitness operated 2,575 stores globally.

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