Planet Fitness Inc. announced Monday that it had made a profit in the second quarter after a loss the previous year as membership increased and customers returned to the reopened gyms after the coronavirus pandemic improved.
The Hampton, NH-based gym operator and franchisor said it attributed to Planet Fitness PLNT a -1.76% net profit of $ 14 million, compared to a loss of $ 29.2 million last year while earnings per diluted share reached $ 0.17 as a percentage of $ 0.36. Total revenue more than doubled from $ 40.2 million last year to $ 137.3 million.
More than 95% of Planet Fitness gyms are owned and operated by franchisees, according to the company. The franchise segment revenue increased to $ 72.8 million and revenue from proprietary stores increased to $ 40.6 million. Revenue in the device segment rose to $ 23.8 million.
The company expects to end the year near the ceiling of its 75-100 store openings, with total annual sales of between $ 530 million and $ 540 million. Planet Fitness also announced an agreement with a Mexican company to accelerate its expansion in Mexico with the opening of at least 80 new stores over the next five years.
Write to Jeffrey T. Lewis at Jeffrey.Lewis@WSJ.com
