'[I'm] really encouraged by what I'm seeing,' Planet Fitness CEO Chris Rondeau said as the budget gym chain reopens locations.
Planet Fitness, a budget gym chain with about 2,000 locations, has begun reopening fitness centers across the country where permitted. The company relaunched about five stores at the beginning of the month, beginning with Georgia and Utah, and has since welcomed gymgoers to about 50 fitness centers, Rondeau said.
"Acquisition joins, new joins, is on par for last year, so I'm really encouraged, mostly because there's no marketing out there, either," he explained. "This is just a soft opening. So, the fact that we're doing this many joins on just a normal May opening, I'm really pleased so far."Wedbush analysts in a note echoed Rondeau's optimism about churn rate.
Cramer suggested that Planet Fitness, which charges members monthly subscription fees as low as $10, could be the only man standing after the pandemic lets up.
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