Planet Fitness on Tuesday named Colleen Keating as its new CEO. She will replace interim CEO Craig Benson, effective June 10, the fitness center chain said in a press release.Keating joins Planet Fitness from FirstKey Homes, where she worked as CEO for about four years.  "Colleen’s appointment is the culmination of an extensive search process conducted by the Board of Directors," Planet Fitness board Chairman Stephen Spinelli Jr. said. "We are confident that Colleen is an exceptional leader with the desired ...

Planet Fitness announced Tuesday that Colleen Keating will take over as the fitness club's new CEO, effective June 10.Craig Benson, who has been serving as interim CEO since the departure of Chris Rondeau in September, will remain on the board of directors.The announcement comes after months of searching, and some analysts are calling it a positive for the stock, despite shares falling more than 3% following the announcement.Piper Sandler analyst Korinne Wolfmeyer said the news is "the first catalyst of sev ...

Craig Benson to Remain on Planet Fitness Board of DirectorsHAMPTON, N.H., April 16, 2024 /PRNewswire/ -- Planet Fitness, Inc. (NYSE: PLNT) (the "Company"), today announced that it has appointed Colleen Keating as the Company's Chief Executive Officer, effective June 10, 2024. At that time, Craig Benson will resign as Interim CEO but will continue to serve as a member of the Company's Board of Directors. Colleen Keating Ms. Keating is a proven executive that brings to Planet Fitness over three decades of ...

Planet Fitness (NYSE: PLNT) stock price has underperformed the market this year as the popularity of weight loss drugs increased. It has crashed by 16.5% in the past 12 months and by 10.7% this year. The S&P 500 index has risen by 27% in the past year and by almost 10% this year.Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.Weight loss drugs and high debt load Copy link to section Planet Fitness share price has been affected by the popularity of wei ...

Planet Fitness, Inc. (PLNT) is likely to benefit from store expansions, strategic partnerships and membership growth. This and the emphasis on the New Growth Model bode well. However, uncertain macroeconomic environments are a concern.Let us discuss the factors that highlight why investors should retain the stock for the time being.Growth DriversPlanet Fitness is focused on strategic partnerships and international expansions to drive growth. The company is enthusiastic to announce its entry into the Spanish ...

The worrying struggles faced by Peloton Interactive are well-publicized. The once-thriving fitness equipment maker and content enterprise is now dealing with weaker demand, declining sales, and ongoing net losses. It's difficult to know if the situation will turn around. And shares are currently down 97% from their peak price.If you're looking to gain exposure to the fitness industry, perhaps there's another business to consider. Compared to Peloton, it has a far superior business model that has already bee ...

Planet Fitness Inc (NYSE:PLNT) is drawing bearish attention today, with 8,179 puts exchanged so far -- nine times the intraday average volume -- compared to 3,311 calls. While there is no specific catalyst for today's negative price action, PLNT was last seen down 6.8% at $55.66 -- its lowest level since November -- while eyeing its fifth-straight daily drop and worst day since September. The stock has already shed over 23% in 2024.This pessimism has been prevalent over the past two weeks. Over at the Inter ...

Store Growth and Franchise Operations - As of December 31, 2023, the company had 2,575 stores, reflecting a compound annual growth rate (CAGR) of 6.5% since 2019[15] - The company reported 18.7 million members as of December 31, 2023, with a CAGR of 6.8% since 2019[15] - Franchisees have contractual obligations to open approximately 1,000 additional stores, including more than 500 over the next three years[19] - The company aims to grow its store base to over 5,000 stores in the U.S. alone, leveraging its brand awareness and low per capita penetration[19] - As of December 31, 2023, there were 2,319 franchised Planet Fitness stores operated by 103 franchisee groups, with approximately 98% of these stores owned by multi-unit operators[30][31] - The growth strategy is dependent on new store development by franchisees, which faces challenges such as financing availability and competition for store locations[122] - If franchisees are unable to open new stores as anticipated, the company may not achieve expected revenue growth[125] Financial Performance and Revenue Streams - The average unit volume (AUV) for corporate-owned stores was approximately $1.9 million, with a segment EBITDA margin of 38.2%[14] - Approximately 90% of both corporate-owned and franchise revenues in 2023 consisted of recurring revenue streams, including royalties and monthly dues[18] - The average royalty rate increased to 6.5% in 2023, up from 6.1% in 2019[20] - The company’s revenues are largely dependent on royalties from franchisees, which are based on a percentage of gross monthly membership dues and annual fees[131] - Negative economic conditions, such as recession and inflation, could materially harm franchisees' financial conditions, adversely affecting the company's royalty revenues[131] Marketing and Brand Strategy - The company spent $78.5 million on national marketing campaigns in 2023, with franchisees required to contribute 2% of their monthly membership dues to the National Advertising Fund[19] - The percentage of PF Black Card members increased from 61% in 2019 to 62% in 2023, with average monthly dues per member rising from $16.91 to $18.29[19] - Planet Fitness aims to compete based on membership value proposition, high-quality fitness experience, and superior customer service[53] - The company must effectively market its brand in new markets to ensure the success of new stores; lack of brand awareness could delay growth[124] Employee Engagement and Diversity Initiatives - The company has implemented a human capital management strategy focusing on Employee Engagement, Health and Safety, and Diversity, Equity, and Inclusion[57] - The company aims to increase female representation to at least 50% at headquarters across manager and above levels by 2025[68] - The company has committed to increasing BIPOC representation across its workforce at headquarters by 2025[68] - The company has implemented a comprehensive employee assistance program and offers a free Black Card membership to all team members[67] Cybersecurity and Data Privacy - Failure to maintain data confidentiality and integrity could materially harm the company's reputation and business operations[17] - The company faces risks from cyber security incidents, particularly due to geopolitical events, which could disrupt operations and harm brand reputation[111] - The company has implemented processes to mitigate cyber risks, but these measures do not guarantee protection against incidents[119] - Compliance with evolving privacy and security laws may result in increased costs and operational constraints[117] Financial Obligations and Debt Management - The company has a substantial amount of outstanding debt, which requires significant cash to service and could adversely affect its financial condition[98] - The company expects to pay approximately $608.9 million in tax benefits over the remaining term of the tax receivable agreements, with $517.5 million payable to TRA Holders[187] - The company may face significant challenges in generating sufficient cash flow to meet debt obligations, which could necessitate asset sales or refinancing[181] - Financial covenants may limit the company's ability to incur additional indebtedness, increasing risks associated with existing debt[182] Regulatory and Compliance Challenges - The company is subject to various federal, state, and international laws and regulations affecting its business operations[76] - Compliance with various laws and regulations is critical; failure could lead to franchise agreement rescission and reduced royalty revenue[151] - The company is subject to evolving data privacy laws, which may increase operational costs and compliance risks[155] - Regulatory scrutiny on indoor tanning services could harm the company's reputation and profitability[156] Operational Risks and Challenges - The company faces significant competition in the health and fitness industry, which could adversely affect its ability to attract and retain members[17] - Rising costs related to construction and maintenance of stores, driven by inflation and supply chain disruptions, may impact the attractiveness of the franchise model[98] - The company is experiencing growth pressures that may strain management, employees, and internal controls, potentially impacting business operations[126] - The inability to secure suitable sites for new franchise stores may negatively impact revenue growth and profits[169]

Planet Fitness, Inc. (PLNT) reported fourth-quarter 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. Also, both metrics increased on a year-over-year basis.Following the results, the company’s shares fell 5.3% during trading hours on Feb 22. Negative investor sentiments were witnessed as the company cited concerns about continued macroeconomic uncertainty and a slowing down of sales (owing to a transition towards more strength equipment over cardio). The company anticipates 202 ...

CARMEL, Ind.--(BUSINESS WIRE)--Mayfair Capital Partners (“Mayfair”), a division of Oxford Financial Group, Ltd.™ (“Oxford”), on behalf of its underlying investors, has acquired Baseline Fitness LLC, (“Baseline” or the “Company”). The investment closed on February 2, 2024, and terms were not disclosed. Fredrikson & Byron served as legal counsel for Mayfair. Founded in 2009 and headquartered in Fargo, North Dakota, Baseline Fitness is a leading franchisee in the Planet Fitness system with 100 locations und ...