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07.05.26 - 19:06
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Planet Fitness Crashes Most On Record After Membership Slump Hits Outlook (ZeroHedge)
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Planet Fitness Crashes Most On Record After Membership Slump Hits Outlook
Planet Fitness shares crashed the most on record, according to Bloomberg data going back to 2015, after the budget gym operator slashed its full-year outlook, citing weaker-than-expected new-member sign-ups during the first quarter.
CEO Colleen Keating told analysts, "We faced some internal and external headwinds that impacted our join momentum year-to-date."
Keating said, "Our overall performance reflects the strength and resiliency of our model. However, the addition of more than 700,000 net new members during the quarter did not meet our expectations."
She continued, "Severe cold and winter weather in late January and February disrupted joins, especially as several of the storms fell on Mondays, our busiest join day of the week. We anticipated that our March campaign, Black Card first month free, which was very successful during the same time last year, would improve our join momentum over the remainder of Q1 and into...
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