Planet Fitness 4Q, 2023 Revenue Increases on New Stores
By Karen E. Roman
Planet Fitness, Inc. (NYSE: PLNT) reported total revenue grew 1.4% on the fourth quarter to $285.1 million and system-wide same store sales rose 7.7%.
Adjusted EBITDA grew 7.8% to $114.3 million from $106.1 million the year before, it stated. The company said it opened 77 new system-wide stores in the fourth quarter and closed 2023 with a total of 2,575 stores.
For 2023, total revenue rose 14.4% from the year before to $1.1 billion, while system-wide same store sales increased 8.7%, it stated. Adjusted EBITDA increased 19% to $435.4 million compared to $365.8 million the year before, it said. The company announced it opened 165 new stores throughout 2023.
“We are expanding our total store opportunity to 5,000 in the U.S. based on the results of our recently completed third-party studies, up from the 4,000 total store opportunity we communicated at the time of our initial public offering in 2015,” said Craig Benson, Interim CEO.
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