Today, Planet Fitness, Inc. reported financial results for its third quarter ended September 30, 2021. The company is one of the largest franchisors and operators of fitness centers by number of members and locations. At the end of September, Planet Fitness had more than 15.0 million members and 2,193 stores in 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia. More than 95% of Planet Fitness stores are owned and operated by independent business men and women.
For the third quarter 2021, total revenue increased USDm 48.9 or 46.4% to USDm 154.3 from USDm 105.4 in the prior year period, which included system-wide same stores sales growth of 7.2%. By segment: Franchise segment revenue increased by 26.1%, and franchise segment same store sales increased 7.4%. Corporate-owned stores segment revenue increased 55.2%, and corporate-owned same store sales increased 3.1%. Equipment segment revenue increased 101.7%, driven by higher equipment sales to existing franchisee-owned stores in the three months ended September 30, 2021. Thereby, total adjusted EBITDA, increased USDm 30.2 to USDm 62.2.
For the year ending December 31, 2021, assuming there is no significant worsening of the COVID-19 pandemic that seriously impacts performance, including prolonged store closures or other mandated operational restrictions, the Company is raising its full year outlook as follows: New store openings in the 110-120 range. Full-year revenue will be between USDm 570 and 580 and adjusted EBITDA will be between USDm 210 and 220.
"We are emerging from the COVID-19 pandemic stronger than ever. In the third quarter, we returned to positive system-wide same store sales growth and achieved the highest sequential net member growth of any third quarter in company history as well as our highest franchise segment revenue on record," said Chris Rondeau, Chief Executive Officer. "As we look ahead to our 30th anniversary next year, I am more enthusiastic than ever with several factors driving both near- and long-term growth opportunities including: our franchisees' enthusiasm to continue to invest in the brand, the transition to one agency for both our local and national advertising, and the world's growing appreciation for the importance of improving overall health and wellness. With so much potential given the changing market dynamics and industry tailwinds, we believe that our non-judgmental and affordable model will be even more differentiated."
Source: Planet Fitness, Inc.
Picture: Planet Fitness, Inc.