Planet Fitness (PLNT) Misses Q2 EPS by 16c, Revs Fall 78% But Beat Views

Planet Fitness (NYSE: PLNT) reported Q2 EPS of ($0.32), $0.16 worse than the analyst estimate of ($0.16). Revenue for the quarter fell 77.9% to $40.2 million versus the consensus estimate of $38.12 million.

"I am proud of how the entire Planet Fitness system is managing through this challenging time, especially the passion and commitment to take care of our members demonstrated by our store team members, headquarters employees and franchisees," said Chris Rondeau, Chief Executive Officer. "Following the temporary closure of all Planet Fitness stores in mid-March in response to the pandemic, 1,477 of our stores are reopened and operating to-date. This has been achieved through the execution of our expansive COVID-19 re-opening playbook designed to provide a safe and healthy in-store environment and strictly adhering to the guidelines laid out by state and local governments and health authorities. It continues to be a very fluid situation, with a number of states experiencing a spike in new cases as the third quarter got underway, which has resulted in certain stores re-closing pursuant to local mandates. We recently took additional steps to protect our members and staff by requiring everyone to wear a mask inside our stores except while actively working out, and we\'ll continue to proceed cautiously until there is greater certainty on when conditions will return to normal. While the near-term operating environment is likely to remain volatile and negatively affect our near-term revenue and profitability, I am confident that Planet Fitness is well positioned to capitalize on the industry consolidation that we believe will emerge over the next several years and increased focus on health & wellness."

GUIDANCE:

For the year ending December 31, 2020, the Company previously withdrew guidance as a result of uncertainty due to the COVID-19 pandemic. The Company is not providing an update at this time.

For earnings history and earnings-related data on Planet Fitness (PLNT) click here.

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