Investing.com -- Planet Fitness Inc. (NYSE: PLNT) reported first-quarter results that exceeded analyst expectations but cut its full-year outlook, citing slower-than-expected membership growth during its peak sign-up period.

The fitness chain posted adjusted earnings per share of $0.74, beating the analyst estimate of $0.63 by $0.11. Revenue rose 21.9% YoY to $337.2 million, surpassing the consensus estimate of $299.25 million. System-wide same club sales increased 3.5% during the quarter, while total membership reached approximately 21.5 million.

Shares fell 3.8% following the announcement as investors focused on the company's reduced guidance. Planet Fitness now expects system-wide same club sales growth of approximately 1% for 2026, down from its previous forecast of 4% to 5%. The company also lowered its revenue growth outlook to approximately 7% from 9%, and adjusted EBITDA growth to approximately 6% from 10%.

"In the first quarter, our top and bottom line results exceeded expectations. However, 2026 is off to a slower-than-expected start from a net member growth perspective as we faced internal and external headwinds during our peak sign-up period," said Colleen Keating, Chief Executive Officer. The company is pausing its planned national Black Card price increase pending a broader pricing review.

The company opened 15 new franchisee-owned clubs during the quarter, bringing the system-wide total to 2,909 locations. Planet Fitness expects to open approximately 180 to 190 new clubs system-wide in 2026 and place approximately 150 to 160 new equipment units in franchisee-owned locations.

For full-year 2026, the company now expects adjusted net income per share to increase approximately 4%, down from its previous guidance of 9% to 10%.