FILE-A customer wears a face mask as they lift weights while working out inside a Planet Fitness Inc. gym on March 16, 2021 in Inglewood, California. (Photo by PATRICK T. FALLON/AFP via Getty Images)
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Planet Fitness members may see new changes coming to gyms in their area.
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The New Hampshire-based fitness center is weighing raising the prices of its $10 memberships, something the company hasn’t done in 30 years.
Planet Fitness provided a transcript of its earnings call to FOX Television Stations.
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Talks of a possible price hike on the call with analysts were broached when interim CEO Craig Benson said the change could come as consumers get used to inflated prices.
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Benson explained that the gym chain is mulling raising the fee of its classic member card without affecting membership growth.
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“We’re proud that we haven’t raised the $10 Classic Card price in 30 years,” Benson said. “However, consumer expectations on price have changed in a highly inflationary world.”
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Benson shared on the call that the company has been testing different price structures, messaging, and price points in several markets in the U.S. for more than a few months.
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“As we are a recurring revenue model, we plan to continue running these tests to understand the impact an increasing price has on membership growth,” he said.
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According to the transcript, Planet Fitness opened 26 new stores in its third quarter, bringing its global store count to nearly 2,500.
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Earlier this week, Planet Fitness reported a third-quarter net income of $39.1 million. On a per-share basis, Planet Fitness said it had profit of 46 cents. Earnings, adjusted for non-recurring costs, were 59 cents per share, the Associated Press reported.
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The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.
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Planet Fitness posted revenue of $277.6 million in the period, the AP noted.
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The Associated Press contributed to this report. This story was reported from Washington, D.C.
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