Planet Fitness has announced the appointment of Jay Stasz as chief financial officer and is raising its outlook for key financial targets as it unveils strong Q3 figures.

Total revenue for the third quarter, ending 30 September, increased from the prior year period by 5.3 per cent to US$292.2 million.

Net income increased US$1.1 million to US$42.4 million, compared to US$41.3 million in the prior year period.

Total revenue increased US$14.7 million, or 5.3 per cent, to US$292.2 million from US$277.6 million in the prior year period, including system-wide same club sales growth of 4.3 per cent.

"We delivered solid results in the quarter, including more than 5 per cent revenue growth, approximately 3 per cent net income growth and approximately 10 per cent adjusted EBITDA growth, and are raising our outlook for certain key financial targets," says CEO, Colleen Keating.

"During the quarter, I had the opportunity to address franchisees, club employees and our team members at our franchisee conference. This was an important opportunity to reinforce our strategic priorities of redefining our brand, enhancing member experience, refining our product and accelerating club openings, which we expect will drive our next phase of growth.”

The first price increase in more than 25 years was also achieved, raising the classic card membership to US$15 for new members.

During the third quarter, 21 new Planet Fitness clubs were opened, which included 12 franchisee-owned and 9 corporate-owned clubs, bringing system-wide total clubs to 2,637.

Franchise segment revenue increased US$4.3 million, or 4.3 per cent, to US$102.4 million, this was helped by higher royalty revenues and new club launches.

Based on the strong earnings, growth expectations for the full year have been revised up:

System-wide same club sales in the 4 to 5 per cent range (previously 3 to 5 per cent.)

Revenue to increase in the 8 to 9 per cent range (previously 4 to 6 per cent.)

Adjusted EBITDA to increase in the 8 to 9 per cent range (previously 7 to 9 per cent.)

Adjusted net income to increase in the 8 to 9 per cent range (previously 4 to 6 per cent.)

Jay Stasz joined the company this week (4 November) and takes over as CFO on 15 November, from Tom Fitzgerald, who will remain an employee until the end of the year and will serve in a consulting capacity until 31 March 2025.

Stasz comes from retail, where he has developed high-performing finance teams and supported significant growth and value creation. Most recently he has been CFO for Savers Value Village, the largest for-profit thrift operator in the US and Canada, prior to which he was CFO at Ollie’s Bargain Outlet, America’s largest retailer of closeout merchandise and excess inventory.

Keating says Stasz will support the ongoing work with franchisees to drive profitable growth: "Jay is a highly experienced and collaborative leader who brings a proven track record of optimising growth in retail and consumer spaces. I'm eager to work closely with him to support our team members as we provide high-quality and accessible fitness experiences for our members, and to ultimately increase value for shareholders."

Stasz says he is excited to join the Planet Fitness team during the next phase for the company: "Planet Fitness is a brand with a clear mission and value proposition for its members as well as a compelling business model. I'm confident in its relevance to today's consumer, and its opportunities for growth in the US and abroad. I look forward to leveraging my skills and experiences to support the company and its franchisees."