Some gyms are open on Thanksgiving, which this year falls on November 26. Here we look at the hours of operation at some major gyms across the country, including Crunch Fitness, Gold’s Gym and more.
Most Planet Fitness gyms are open 24 hours a day, seven days a week. Contact your local venue to confirm before visiting.
The fitness chain has implemented several safety measures amid the ongoing COVID-19 outbreak, including “requiring all members to wear masks while in-club so you can gym safely and confidently.
“Keep a safe distance by putting an imaginary treadmill, or two, between you and others,” the company noted.
Guests can also see how many people are at their local branch before visiting through the Planet Fitness mobile app. “Just open up the app and tap Crowd Meter to view how many members are there,” the company advises.
Some LA Fitness locations have yet to resume operations amid the ongoing COVID-19 outbreak, while several have reopened. Some LA Fitness gyms have been on a reduced schedule on Thanksgiving in previous years, while some facilities have been closed. Contact your nearest venue to confirm Thanksgiving opening hours before visiting.
The hours of operation at Equinox over holidays, such as Thanksgiving, vary by location. Check your local branch to confirm opening and closing times before visiting.
Equinox gyms have also issued new safety guidelines amid the ongoing pandemic.
“Physical distancing of at least 6-to-10 feet, depending on local guidelines, between members and employees is required at all times. Please respect floor markings and any other visual cues that facilitate distancing at the front desk, in our locker rooms, studios, and other club areas.
“Mask requirements vary by local government mandates,” and guests are advised to check their local branch for details before visiting.
Guests are required to make a booking for their gym session before their visit using the Equinox mobile app, while some branches may require a temperature check.
See the Equinox website for more information.
Some branches of Crunch Fitness are operating on reduced hours on Thanksgiving.
Crunch Fitness gyms have introduced several safety measures, including mask requirements for staff “alongside other PPE [personal protective equipment] if required by public health officials.
“We recommend members wear masks within the gym (unless mask wearing is required at all times by public health officials),” the company said.
Social distancing guidelines and enhanced disinfecting equipment have also been implemented, including the “airPHX clean air systems” which “uses atmospheric cold plasma to change a small percentage of the oxygen molecules in the air into a unique spectrum of oxidizing molecules that kill bacteria, viruses, and mold,” the company noted.
See the Crunch Fitness website to see the hours of operation and the specific safety guidelines issued at your nearest branch.
Anytime Fitness gyms are usually open 24 hours a day, seven days a week, including on holidays such as Thanksgiving. Contact your local branch to confirm before visiting.
For my previous post on Planet Fitness (PLNT), I constructed an optimistic scenario and a pessimistic scenario. Planet Fitness recently turned in a challenging quarter which underperformed my pessimistic scenario. While the underlying business shows strength in the face of a worsening pandemic that has driven many of Planet Fitness’ competitors to bankruptcy, the company is quickly running out of financial runway, given their huge debt load and associated debt covenants.
In terms of member count, my pessimistic scenario forecast a modest quarter over quarter dip due to COVID-19, in line with the Q2 vs Q1 trend. Instead, member count declined -7.2%, erasing a year’s worth of member gains. Members per store declined even further.
Source: Created by author using data from SEC filings and forecast model.
Planet Fitness management gave a number of reasons for the decline in member count on their Q3 2020 earnings call. Specifically, CEO Chris Rondeau explained that COVID-19 was a big factor. “As Q3 got underway in July, there was a surge in the virus in several states which appeared to shift consumer sentiment.” In addition, he mentioned resumption of normal billing at the stores that had been closed, and marketing/sales efforts being compromised by closed stores, as drivers of the member count decline.
While the rate of member count decline has slowed, possibly due to the sales push mentioned by Rondeau on the Q3 earnings call (October saw a comparatively small 100K drop), it’s hard to believe we’ll see meaningful improvement in member counts until we’re farther along in the fight against COVID-19, especially if Planet Fitness is again forced to close stores. Unfortunately, the pandemic appears to be getting worse, and with this may come new restrictions on gyms and restaurants. Although Pfizer’s new vaccine is a huge positive, it may not be available in large enough quantities to make a difference before the end of the year, and there are logistical hurdles towards mass distribution. There’s a similar story with Moderna’s new vaccine. While it’s supposed to be 95% effective, Moderna stated they expect to have only 20M doses ready to ship to the US by the end of the year. As well, potential reluctance of Americans to take a relatively unproven vaccine may slow adoption. The problem for Planet Fitness is they may not be able to wait until 2021 for profitability to improve.
Q3 2020 Net Income came in significantly below my pessimistic scenario, due mostly to lower equipment sales and increased sales/marketing expense.
Source: Created by author using data from SEC filings and forecast model.
The pessimistic scenario was pretty close on Franchise and Corporate Owned Store revenue, as the member count underperformance was offset by fewer closed stores. However, Equipment Sales showed more weakness than the scenario expected, even though the pessimistic scenario included significant pressure from the 12-month extension on mandatory equipment purchases and 15% equipment discount. Cost of Revenue was lower as a result of lower Equipment Sales. Finally, National Advertising
Gyms have been one of the business models hurt most by the pandemic. Lockdowns had forced most gyms to shut down, and some simply never reopened. For gyms open today, strict capacity restrictions provide yet another temporary headwind for success.
Considering all of this, it’s no wonder that Planet Fitness (NYSE:PLNT) had such a bad quarter. Regardless, it is a strong long-term buy.
How is the company is doing today?
In Planet Fitness’ most recent quarter, it posted a 36.8% year-over-year decrease in revenues and a 5.6% year-over-year decrease in same-store sales. Its adjusted EBITDA was cut in half to $32 million, and the company reported its first GAAP net income loss in years — ouch. Encouragingly for investors, management believes brighter days are ahead.
In the same report, CEO Chris Rondeau pounded the table on his conviction in long-term market share gains for Planet Fitness. The structure of its operations deserves a lot of the credit for that.
Fortunately for the company, its franchisee business model creates an asset-light approach to operating gyms. Rather than owning the vast majority of Planet Fitness locations, the company collects rent from franchisees owning roughly 75% of stores. This approach allows Planet Fitness to enjoy EBITDA margins double that of competitors like Crunch Fitness, and enabled staying-power for Planet Fitness while others like Gold’s Gym declared bankruptcy due to the pandemic.
The profile of a typical Planet Fitness franchisee is also ideal. Company franchisees own, on average, 20 locations in multiple states. This fosters durability among Planet Fitness location-owners, which also served the company immensely well during a tough 2020.
It’s nice that Planet Fitness can survive turbulent times, but how will it perform as the world begins to recover? Early signs are positive.
Today, 95% of Planet Fitness locations are open once more. Usage rates at the open locations are surprisingly in line with pre-COVID levels, and its membership of 14.1 million is flat from before the pandemic. Ideally, member count would be growing — but considering the global pandemic, status quo is just fine.
In September, Planet Fitness resumed national marketing for the first time since the pandemic began. The early results have been solid, with a chunk of locations actually returning to positive year-over-year membership growth during the quarter. Based on the early advertising success, the national gym chain decided to increase funds allocated to marketing for the rest of 2020. This does not sound like a struggling company.
While the pandemic has been a massive demand shock for gym chains, people will likely still want to work out when they feel it’s safe to do so. With Planet Fitness’ industry-low $10-a-month membership — and the economic pain cause by COVID-19 — it’s reasonable to believe the company could emerge out of the pandemic even stronger than before.
More growth to come
Through all of the chaos, Planet Fitness opened 29 new locations during the quarter and began to capitalize on the industry consolidation it has
If you peek inside a Planet Fitness (NYSE: PLNT) gym location these days, things look busy. Granted, it might not be as busy as it once was, but members are nonetheless exercising despite the ongoing COVID-19 pandemic. Management says that its usage rates (how many people are actually present in the building) are currently 67% to 74% of what they were last year at this time.
The usage rate appears to be trending in the right direction. But it doesn’t tell the whole story for Planet Fitness, and the next stat should give investors pause. Since July, the company has lost over 1 million members.
The mass exodus
Gyms weren’t considered an essential business when government decision-makers were trying to determine what could stay open shortly after the COVID-19 pandemic began. As a result, all 2,000 Planet Fitness locations were closed at some point in 2020. However, somewhat surprisingly, the company lost relatively few members while gym locations were closed.
Planet Fitness charges a monthly membership fee, but the fee was waived while gyms were closed. This gave members very little incentive to cancel their memberships early on. However, as gyms started reopening, the company started to bill people once again. And once this happened, there was a mass exodus.
In the conference call to discuss third-quarter results, Planet Fitness management said it noticed a lot of losses during the second-month billing. This seems to imply members were charged for the first month after their local gym reopened, perhaps unaware it had started back up. But they made sure to cancel before having to pay the second bill.
Putting it in context
Membership for Planet Fitness peaked in the first quarter of 2020 at 15.5 million. This was an incredible jump from the prior quarter when it had 14.4 million members. But the timing of this jump makes sense. With the dawn of a new year, many people resolve to exercise more frequently.
This 1.1 million-member jump came on the heels of a hot 2019. In 2019, Planet Fitness added a whopping 1.9 million members. Totaling it up, from the end of 2018 to the start of the COVID-19 pandemic in the U.S., the company had added 3 million members — up an impressive 24% over just five fiscal quarters. Then the coronavirus derailed the train.
As of October, Planet Fitness was down to 14 million members. The last time the company had just 14 million members was in the second quarter of 2019. Back then, there were 1,859 locations. Now there are 2,086. So, not only has membership fallen, but members per location have plummeted dramatically.
Why it matters
Planet Fitness may have merely lost low-commitment members. The company expressly targets
Federal holiday Veterans Day (11 November), honoring military veterans, falls on a Wednesday in 2020.
The public holiday usually sees non-essential federal government offices closed. Banks, post offices and some schools could also close their doors on Veterans Day, some restaurants might also be closed, but others may remain open to offer deals to those off work.
Some will be looking to see if they can get a workout or attend an exercise class before going back to the office. Read on for our list of gyms that are open on Veterans Day. Note: Gyms in cities and towns with coronavirus restrictions may not be open, despite similar gyms being otherwise open nationwide.
Planet Fitness: Planet Fitness will be open on Veterans Day in many locations but hours may be reduced. A representative from the Brooklyn gym told Newsweek it would be open between 7-1 p.m. The Shreveport, Louisiana Planet Fitness gym will remain open 24-hours, according to a representative, and the Seattle Aurora Ave gym will be open regular hours. Phone your local gym to check Veterans Day hours. Local coronavirus restrictions may apply.
LA Fitness: This national gym has 690+ fitness clubs in the U.S. and Canada. Normal hours will apply to most LA Fitness gyms on Veterans Day, but some may have reduced hours—call ahead to check your location before you visit, local coronavirus restrictions may apply.
24 Hour Fitness: This all-day and night gym will be open, and will be fully operational on Veterans Day, opening hours may change in towns and cities with COVID-restrictions.
Equinox Fitness: Most gyms will have regular hours across the nation, but some may have shorter hours. An Equinox representative told Newsweek the best way to get the updated hours is to download the Equinox app, which has all the current hours and holiday hour changes for each location. Locations with COVID rules in place may differ depending on local government regulations. Los Angeles gyms, for example, are currently closed, but Orange County and New York gyms are open.
Gold’s Gym: A representative from East Northport, NY told Newsweek that it would be open during regular hours on Veterans Day, but as Gold’s Gym is franchised this may change from location to location. It’s best to call your local location before you visit.
Orangetheory Fitness: A representative from Orangetheory Fitness in Langhorne, Pennsylvania, told Newsweek the gym would be open on Veterans Day as normal, however, opening hours may change throughout the country as each gym is individually owned.
Snap Fitness: All the Snap Fitness facilities are open 24-hours a day and seven days a week, aside from Thanksgiving and Christmas Day. A representative from Glenwood Park, Atlanta, confirmed their branch would be open on Veterans Day.
Anytime Fitness: This member access 24-hours gym will be open at usual. Staff at the Congress St, Portland,
SEATTLE (Nov. 10, 2020) – Planet Fitness – one of the nation’s largest and fastest-growing franchisors and operators of fitness centers with more members than any other fitness brand – has opened in Downtown Seattle at 601 Pine St., Seattle WA 98101.
As Planet Fitness’ 24th club in the Seattle area, the 16,364-square-foot Downtown Seattle club offers state-of-the-art cardio machines and strength equipment, 30-Minute Express Circuit, fully equipped locker rooms with day lockers and showers, numerous flat screen televisions, HydroMassage beds, massage chairs, tanning beds, a Total Body Enhancement booth and more in a hassle-free, non-intimidating environment.
Now through Nov. 18, members can join for $1 down with no commitment for Classic membership – which includes unlimited access and free fitness training at Planet Fitness Downtown Seattle – or PF Black Card® membership – which includes the ability to bring a guest every day at no additional charge, access to all 2,000+ Planet Fitness locations in all 50 states, plus access to massage beds and chairs and tanning, among other benefits which vary by location and local restrictions. Registration is available in person or online at www.planetfitness.com/gyms/sea….
As with all Planet Fitness clubs, the Downtown Seattle club operates with enhanced protocols for working out in the safest way possible including: required facemasks, increased sanitation, employee temperature checks, touchless check-in featuring COVID-19 wellness questions for all members and guests, signage promoting Social Fitnessing™ throughout the facility, and Crowd Meter on Planet Fitness’ mobile app that allows members to check club capacity before coming into the gym.
“Planet Fitness believes fitness is essential to the physical and mental health of Seattle residents who are eager to get out of the house and resume their active lifestyles. Fitness also plays a critical role in building a stronger immune system, helping protect against severe COVID-19,” said Victor Brick, co-owner of PF Growth Partners, a franchise division of Planet Fitness. “Planet Fitness Downtown Seattle aims to do its part in combatting this ongoing pandemic by providing access for people to exercise and stay healthy.”
The pandemic has taken a physical and mental toll on the nation. State lockdowns led to a 32 percent reduction in physical activity among individuals who were physically active. Washington State already suffers from high obesity rates, with 28.3 percent being considered overweight. This makes access to exercise now even more vital as physical activity provides numerous health benefits including the ability to maintain weight, strengthen muscles, and prevent chronic illness.
Regular physical activity is also known to reduce the symptoms of depression and anxiety. This takes on even more significance in light of a July poll conducted by the Kaiser Foundation which found that more than half of U.S. adults reported that their mental health has been negatively impacted due to the COVID-19 pandemic, up 32 percent from March.
Planet Fitness Downtown Seattle is currently open and staffed Monday through Friday, from 6 a.m. to 9 p.m., and Saturday and Sunday, from 7 a.m. to 7 p.m.
Prepared by Tara, Senior Analyst at BAD BEAT Investing
Planet Fitness (NYSE:PLNT) is a stock we have traded several times. We took solid profits back in 2018 and has been just trading it here and there ever since. We had another trade on in H2 2019 that worked out. Back in August, we called for a buy in the mid $50s as we believed the stock would catch a reopening bid later in 2020. In fact, we said “the bottom is in.” That drew the ire of bears on our contrarian call, but alas, the proof is in the print. Our main thesis in August has now occurred/is playing out, with great positive news on a vaccine. PLNT stock was a huge beneficiary.
Our members who bought this stock and were patient for a few weeks saw rapid returns. While we cannot blame anyone for locking in profits here being up 40% on the trade following our guidance, there may be more room to run. There may be a profit-taking wave first, but we think the market continues to assign a reopening premium. The market has had some good news in potential treatments/vaccines, but more importantly, gyms are being allowed to reopen in most areas, including New York State which was ravaged by COVID-19 and saw some of the most stringent rules put into place.
We think PLNT stock gets a boost from this news. While COVID-19 will get worse before it gets better, it looks like the tides are turning in the war against this scourge. COVID-19 has hit the company hard as evidenced by the recently reported earnings, and it shows the severe impact of COVID-19. Bottom line here is that things will improve into 2021, and the market is likely to price the stock accordingly. Let us discuss the play we think you can make and the story here longer term.
Top line contraction continues
The just-reported Q3 saw revenues contract significantly once again following pain in Q1 and Q2. It was tough to handicap the quarter, but let’s be real, the shutdowns hurt, although the situation was improving. We saw Q3 revenues coming in down by as much as 40% to $101 to $106 million, based on membership dues freezes across all stores, equipment sales reductions, and national advertising fund revenue. It was bad. Revenues fell 37% year-over-year.
Revenues fell to $105.4 million and came in actually at the higher side of our estimates. The Street saw a consensus figure that was more liberal than ours. Their consensus was missed by $3.6 million. Normally, we look at growth metrics like same-store sales growth and new gym openings, but in this case, those metrics are not as relevant yet given so many were closed and just starting to reopen. That said, system-wide same-store sales decreased 5.6%. The good news is that by the end of the quarter, 95% of locations were open. This sets up Q4 nicely and especially 2021.
New gyms were certainly driving growth in
Shares of Planet Fitness (NYSE: PLNT) spiked on Monday morning after promising news broke regarding a coronavirus vaccine candidate. A phase 3 trail showed 90% effectiveness for preventing a novel coronavirus that’s turned our world upside down in 2020. As of 10 a.m. EST, Planet Fitness stock has spiked as much as 29% higher and has been within a couple of percentage points of all-time highs.
Here’s why the vaccine news could be particularly good for Planet Fitness. The company just released results for the third quarter of 2020, and its membership has taken a big hit in recent months. At the end of the second quarter, it had 15.2 million members, down just slightly from peak membership of 15.5 million.
However, as Planet Fitness’ gyms began reopening, it resumed billing its customers. Membership dues had been waived while locations remained closed. As long as they weren’t being charged, members weren’t canceling. However, now that they’re being billed again, cancellations have soared. By the end of Q3, Planet Fitness’ membership was at 14.1 million — down about 5% in a matter of months and down 10% from peak membership.
Planet Fitness’ management said the biggest drop in membership came from gyms that reached a second billing month. In other words, it appears people got surprised by their monthly bill once gyms reopened, but they made sure to cancel before they got the second bill. However, management said it did notice an additional decline in membership in areas where cases of COVID-19 were rising.
Here’s the question for Planet Fitness: Is the company losing members because they don’t want to have a gym membership while coronavirus cases are still rising? Or have members found better exercise-at-home options to replace their gym memberships? The latter will take time to confirm the trend, but it would put a major question mark on the long-term growth thesis.
However, if people are simply uncomfortable exercising at a gym where they could contract the virus, then today’s news of an effective vaccine candidate is good reason for Planet Fitness shareholders to be hopeful. Former members might rejoin the gym chain in short order. Realistically though, investors need to remember there’s still a lot that needs to happen to make a vaccine widely available. And Planet Fitness membership could languish until that happens. Therefore, I’d say the stock’s movement today is overdone.
Jon Quast owns shares of Planet Fitness. The Motley Fool owns shares of and recommends Planet Fitness. The Motley Fool has a disclosure policy.
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Planet Fitness, Inc. PLNT reported dismal third-quarter 2020 results, wherein earnings and revenues missed the Zacks Consensus Estimate. Further, both the metrics declined sharply year over year due to the coronavirus pandemic. Following the results, shares of the company fell 4.8% during after-hour trading on Nov 5.
Owing to the uncertainty tied to the crisis, the company has withdrawn 2020 guidance.
The company reported adjusted earnings per share of 2 cents, missing the Zacks Consensus Estimate of 11 cents. In the prior-year quarter, the company had reported adjusted earnings per share of 36 cents.
Quarterly revenues of $105.4 million lagged the consensus mark of $107 million. The top line also declined 36.8% from the year-ago quarter primarily due to the dismal performance across Franchise, Corporate-owned Stores and Equipment segments.
Franchise revenues fell 10.4% year over year to $59.8 million. The Corporate-owned Stores segment’s revenues declined 30.6% year over year to $28.3 million. In the Equipment segment, revenues plunged 70.8% year over year to $17.3 million on account of lower equipment sales to new and existing franchisee-owned stores.
Moreover, EBITDA in the Franchise segment declined 29.8% year over year to $3.11 million. The decline was primarily attributed to temporary shutdowns owing to COVID-19 and decline in membership levels. At the Corporate-owned stores segment, EBITDA fell 66% year over year to $5.7 million. EBITDA in the Equipment segment slumped 83.5% year over year to $2.3 million.
Total adjusted EBITDA at the end of the third quarter deteriorated to $32 million from $65.7 million in the year-ago quarter.
Planet Fitness, Inc. Price, Consensus and EPS Surprise
Planet Fitness, Inc. price-consensus-eps-surprise-chart | Planet Fitness, Inc. Quote
Other Financial Details
As of Sep 30, 2020, cash and cash equivalents totaled $419.7 million compared with $436.3 million as of Dec 31, 2019. Long-term debt, net of current maturities, amounted to $1,679.2 million at the end of third-quarter 2020 compared with $1,687.5 million at 2019-end.
Zacks Rank & Stocks to Consider
Planet Fitness currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Consumer Discretionary sector are YETI Holdings, Inc. YETI, Monarch Casino & Resort, Inc. MCRI and Boyd Gaming Corporation BYD, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
YETI Holdings has a three-five-year earnings per share growth rate of 14.3%.
Earnings for Monarch Casino and Boyd Gaming in 2021 are expected to soar 179.3% and 1,228.6%, respectively.
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Free food and discounts are up for grabs this Election Day regardless of whether you have an “I Voted” sticker.
Krispy Kreme is giving away glazed doughnuts to all along with a special voting sticker while supplies last Tuesday. Planet Fitness is offering a way to work off the stress of the election with a free workout and massage Tuesday through Nov. 8.
With more mail-in ballots and early voting this year, fewer people will have the “I Voted” stickers as proof to show they voted. According to federal law, it technically is illegal to offer freebies in exchange for votes and businesses typically skirt this by offering the deals to all.
Election Day also is National Sandwich Day and several restaurants are offering discounts and specials on subs Tuesday.
Free and discounted rides to the polls
A popular Election Day discount is a ride to the polls. Aside from ride-sharing apps offering deals, several cities and communities are providing free rides on Election Day including Los Angeles and Indianapolis, Indiana. Check with your local transit system to see if they have an offer.
Lyft: Get 50% off one ride up to $10 Tuesday to any polling location or dropbox using the code 2020VOTE. Lyft also is including its network of bikes and scooters in select cities in this offer.
The North American Bikeshare Association: The association’s Roll to the Polls industry-wide campaign offers ”free or reduced-cost transportation to voters” Tuesday. Learn more here.
Uber: Get 50% off roundtrip rides to the polls, up to $7 each way or up to $14 for the two trips. Uber says the discounts will be “automatically applied when you request your ride by using the polling finder,” which is an in-app feature. Terms and conditions apply and this offer is not available in California and Michigan.
Election Day freebies and deals
Here are the deals available Tuesday at participating locations unless otherwise noted. To be on the safe side, check with your closest location before heading out.
Boston Market: From 9 p.m. to close at all locations nationwide Tuesday, get one free slider. No purchase is necessary. The new sliders — including Chicken Cheddar, Turkey Cheddar, Chicken Chipotle and BBQ Meatloaf — are part of Boston Market’s new Late Night menu.
Chili’s: Through Election Day, get the Presidente Margarita for $5 and a free commemorative sticker while supplies last. Chili’s also is hosting a contest. Learn more at www.chilis.com.
DoorDash: The on-demand delivery app will have free delivery on all orders with a $15 minimum placed on Election Day with promo code VOTE. For DashPass subscribers that already have zero delivery fees on orders over $12, DoorDash is providing 10% off orders with code DPVOTE. The codes should be entered at checkout.
Grubhub: The on-demand app will have more than 30