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09 Aug 2019
Planet Fitness to accelerate new opening plans for 2019 following strong H1 results
BY
Tom Walker
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Planet Fitness has reported a 29.3 per cent increase in revenue for the first half of 2019 – driven largely by new openings. The US-based low-cost fitness operator opened 53 new clubs during the six months to 30 June, which resulted in total revenues reaching US$181.7m (€162.4m, £150m).
There was revenue growth within the existing estate too, with like-for-like (same-store) sales increasing by 8.8 per cent.
CEO Chris Rondeau attributed the growth to "favourable real estate trends" – and added that the company has increased its target for new openings during 2019.
"We now expect to open between 250 and 260 new Planet Fitness locations system-wide in 2019, up from our prior outlook of approximately 225," Rondeau said.
"With the strong returns generated by our welcoming, non-intimidating fitness concept, franchisees are increasingly eager to reinvest in both expanding their geographic footprint and broadening awareness of the Planet Fitness Brand among casual and first-time gym users, as well as re-investing in their existing store fleet by re-equipping their clubs with new equipment.
"I am very proud of all our recent accomplishments and I am confident that the work being done across our system by our franchisees, corporate staff and team members in our stores is setting the Company up for continued success."
Founded in 1992, Planet Fitness has become one of the largest and fastest-growing franchisors and operators of health clubs in the US. As of 30 June, 2019, it had more than 14.0 million members across 1,859 clubs.
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