Planet Fitness Q2 Earnings Top Estimates; Cuts Near-Term Store Growth Forecast Citing External Headwinds
Portfolio Pulse from Shivani Kumaresan
Planet Fitness Inc (NYSE:PLNT) reported Q2 FY23 sales growth of 27.6% YoY to $286.46 million, beating the analyst consensus. System-wide same store sales increased 8.7%. The company held $418.9 million in cash and equivalents as of June 30, 2023. However, the company cut its near-term store growth forecast due to external headwinds such as higher new store construction costs and increased interest rates. Following the announcement, PLNT shares are trading lower by 5.05%.
August 04, 2023 | 2:01 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Planet Fitness reported strong Q2 FY23 results, beating sales estimates. However, the company cut its near-term store growth forecast due to external headwinds, leading to a drop in its share price.
Planet Fitness reported strong Q2 FY23 results, with sales growth of 27.6% YoY, beating analyst consensus. However, the company cut its near-term store growth forecast due to external headwinds such as higher new store construction costs and increased interest rates. This has negatively impacted investor sentiment, leading to a drop in the company's share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100