Planet Fitness Increases Revenue to $92M in Q2 2016

Planet Fitness, Newington, N.H., increased its revenue by 16 percent to $91.5 million in second quarter 2016 compared to $70 million in the same period last year.

Net income was $18.1 million in second quarter 2016 compared to net income of $11.6 million in second quarter 2015, according to results Planet Fitness released Thursday. System-wide same store sales increased by 7.6 percent.

“Following a strong start to the year, our business accelerated during the second quarter,” Planet Fitness CEO Chris Rondeau said in a statement ahead of a conference call with analysts. “We continue to successfully attract new members to our affordable, non-intimidating fitness offering, including a large percentage of first-time gym users. We have never been more excited about the future growth prospects for  Fitness or as confident in the potential of our business model to drive significant long-term value for our shareholders.”

Related: Q and A with Chris Rondeau, CEO, Planet Fitness

As of June 30,  Fitness had more than 8.6 million members and 1,206 clubs in 47 states, the District of Columbia, Puerto Rico, Canada and the Dominican Republic. Planet Fitness added 36 franchisee-owned clubs in second quarter 2016, Rondeau said on the call.

Fitness expects total revenue in 2016 will be between $366 million and $372 million, and adjusted net income will be $62 million to $65 million.

In June, Planet Fitness completed a secondary offering of 11.5 million shares of its Class A common stock at a price of $16.50 per share.

Fitness’s stock price was $20.35 in late afternoon trading Thursday on the New York Stock Exchange but spiked to a high of $21.55 in after-hours trading. On Friday morning, the stock reached a 52-week high of $22.08.