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☆ Planet Fitness shares fall as company announces new CEO, though analysts see upside
▼ + stars: | 2024-04-16 | by ( Brandon Gomez | ) www.cnbc.com time to read: +1 min

Planet Fitness announced Tuesday that Colleen Keating will take over as the fitness club's new CEO, effective June 10. Craig Benson, who has been serving as interim CEO since the departure of Chris Rondeau in September, will remain on the board of directors. The announcement comes after months of searching, and some analysts are calling it a positive for the stock, despite shares falling more than 3% following the announcement. Keating has 30 years of experience in large-scale operations and franchise management, as well as leadership in global consumer-facing operations across hospitality, real estate, operations and franchise management. She previously held leadership roles at InterContinental Hotels Group and Starwood Hotels & Resorts Worldwide Inc.

Persons: Colleen Keating, Craig Benson, Chris Rondeau, Piper Sandler, Korinne Wolfmeyer, Wolfmeyer, Keating Organizations: Fitness, New, FirstKey, InterContinental Hotels Group, Starwood Hotels, Resorts Worldwide Inc

☆ The 'Ozempic effect' is weighing on gym stocks. But it could turn out to be a boom for the industry
▼ + stars: | 2023-11-16 | by ( Brian Evans | ) www.cnbc.com time to read: +5 min

Will gym stocks be hurt by an "Ozempic effect" similar to the blow that has rocked the medical device and food sector? Stock in Planet Fitness has slipped more than 16% from the start of the year, while Life Time has added roughly 20%. Planet Fitness sunk to a 52-week low in September after the company's board ousted Chris Rondeau as chief executive officer . PLNT YTD mountain Planet Fitness stock. At Life Time, anti-obesity medication is being incorporated into the weight loss programs it offers to members.

Persons: Simeon Siegel, it's, Jefferies, Chris Rondeau, Bahram Akradi, Warren Cheng, PLNT, Cheng, Jeff Zwiefel, Alexander Perry's, Perry, Curtis Harman, Harman, It's, Piper Sandler, Korinne Wolfmeyer, Wolfmeyer Organizations: BMO Capital Markets, ISI, Bank of America, GLP, Wellness, CNBC, Holdings, Nordisk's Ozempic

☆ Planet Fitness shares surge as company raises revenue outlook
▼ + stars: | 2023-11-07 | by ( Brandon Gomez | ) www.cnbc.com time to read: +3 min

A person works out at Planet Fitness as they re-open at 25 percent capacity in Boston's Dorchester on Feb. 1, 2021. Planet Fitness shares surged double-digits after beating expectations on both lines for the third quarter and raising its outlook for the year. Earnings per share: 59 cents vs. 55 cents59 cents vs. 55 cents Revenue: $277.6 million vs. $268.2. "We're adjusting our store-level return model to further improve the attractiveness of opening and operating Planet Fitness stores in a new macro-environment," Benson said. "To invest in new store growth, improve the store returns of those new stores."

Persons: Craig Benson, Chris Rondeau, Rondeau, Benson, Tom Fitzgerald, Fitzgerald Organizations: Fitness, Planet Fitness, Wall Street, Revenue, Interim Locations: Boston's Dorchester

When Planet Fitness CEO Chris Rondeau was fired, it was a surprise to nearly everyone. AdvertisementAdvertisementWhen Chris Rondeau , ten-year CEO of Planet Fitness, was fired by the company's board of directors, he told Insider he was "seriously blindsided." AdvertisementAdvertisementInsider spoke with six former Planet Fitness employees. Former Planet Fitness CEO Chris Rondeau on the floor of the New York Stock Exchange in 2015, after the company's IPO. AdvertisementAdvertisementA spokesperson for Planet Fitness previously told Insider Rondeau's departure was not because of "any material or unexpected financial events."

Persons: Chris Rondeau, —, Rondeau, Richard Drew, Casey Willard, Beers, Peers, Dunkin, Willard Organizations: Planet, Service, Planet Fitness, Fitness, New York Stock Exchange Locations: Hampton , New Hampshire

☆ Startup workers are on edge
▼ + stars: | 2023-10-25 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

In today's big story, we're looking at why startups that have navigated multiple rounds of layoffs have left their workers feeling defeated. It's a question more and more startup employees are contemplating amid a historic downturn in the industry coupled with a pullback in VC funding. But as Insider's Samantha Stokes and Madeline Renbarger detail, employees are on edge nowadays because of the threat of multiple layoffs in a short time. Why work for a corporate entity and be a cog in the wheel when you can get hands-on experience at a startup? AdvertisementAdvertisementiStock; Rebecca Zisser/InsiderBut just because layoffs are a necessary evil of the startup industry, that doesn't mean employees' concerns aren't warranted.

Persons: —, Jamie Dimon isn't, JPMorgan's Jamie Dimon isn't, Samantha Lee, Samantha Stokes, Madeline Renbarger, Samantha, Madeline they've, Rebecca Zisser, Severance, Jamie Dimon, David Rosenberg, Myriam, Airism, Arantza Pena Popo, Chris Rondeau, it's, Katy Perry, Pablo Picasso, Kiersten, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, What's, JPMorgan, EV, Microsoft, TikTok, IBM, Boeing, Meta, Mattel Locations: Southern California, New York City, San Diego, London, New York

☆ Ride the weight loss drug wave with this gym stock set to nearly double, says Evercore ISI
▼ + stars: | 2023-10-17 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Planet Fitness shares could soar as new weight loss drugs become popular and users flock to the gym, according to Evercore ISI. Shares of Planet Fitness have dropped about 30% in 2023, plunging 16% in a single day last month when the company announced the surprise ousting of CEO Chris Rondeau . Although GLP-1 drugs aid weight loss by suppressing appetite, it's still essential for patients to adopt healthy habits for long-term success. This is a positive development for Planet Fitness, resulting in a rush of new gym memberships, Cheng said. He estimated that one million new members would amount to roughly 15% upside in earnings per share for Planet Fitness by 2025.

Persons: Warren Cheng, Evercore, Chris Rondeau, Cheng, Citi's Peter Verdult, —, Christina Cheddar, Berk, Michael Bloom Organizations: Fitness, ISI, GLP, Planet Fitness, Planet

☆ Planet Fitness's long-time CEO says he was 'blindsided' by abrupt firing that sent gym's stock plummeting — and barred him from talking to staff
▼ + stars: | 2023-09-21 | by ( Katherine Long | Jack Newsham | ) www.businessinsider.com time to read: +5 min

Planet Fitness' board of directors asked its CEO Chris Rondeau to step down last week. Rondeau told Insider he was "blind sided" by the board's decision. Jefferies, JP Morgan, and other analysts have downgraded the stock due to concerns over Planet Fitness' executive transition. Rondeau has been a fixture at Planet Fitness nearly since the gym's founding. The former employee, Casey Willard, called Planet Fitness a "debaucherous" workplace.

Persons: Chris Rondeau, Rondeau, Katherine Long, Jack Newsham, Rondeau's, Jefferies, JP Morgan, hasn't, Casey Willard, Willard, Beers, Peers, Donald Trump, Mike Grondahl, Grondahl Organizations: Service, Planet Fitness, Fitness, Company, Wall Street, Trump, Better Locations: Wall, Silicon, New Hampshire

☆ Why Jim Cramer agrees with a Wall Street firm’s downgrade of this gym stock
▼ + stars: | 2023-09-19 | by ( Morgan Chittum | ) www.cnbc.com time to read: +1 min

Planet Fitness (PLNT) tumbled more than 5% on Tuesday on a slew of Wall Street downgrades. JPMorgan and Jefferies both cut their rating for the gym franchise following long-time CEO Chris Rondeau's abrupt departure from the company. If you like this story, sign up for Jim Cramer's Top 10 Morning Thoughts on the Market email newsletter for free. CNBC's Jim Cramer agrees with analysts, adding that the market's reaction is telling of how vital the veteran executive was to the workout chain. "He was the company for heaven's sake," Cramer said, citing Rondeau's long tenure, where he worked his way up from a front desk position nearly 30 years ago at the gym's first location.

Persons: Chris Rondeau's, Jim Cramer's, Jefferies, CNBC's Jim Cramer, Cramer, Rondeau's Organizations: JPMorgan, Jefferies, Fitness

☆ JPMorgan downgrades gym franchise after CEO shuffle, says stock is a 'tough one'
▼ + stars: | 2023-09-19 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Planet Fitness stock has emerged as a "tough one" following a series of rapid company changes, according to JPMorgan. Planet Fitness stock has slipped more than 38% from the start of the year. PLNT YTD mountain Planet Fitness stock. A permanent CEO has yet to be announced, however. "Improving franchise level unit economics, hence driving future unit growth will be ( & should be) the first goal for the new CEO."

Persons: Rahul Krotthapalli, Chris Rondeau, Rondeau, Craig Benson, Krotthapalli, — CNBC's Michael Bloom Organizations: JPMorgan, New Hampshire Gov

☆ Stocks making the biggest moves midday: Instacart, Disney, Planet Fitness, Rackspace and more
▼ + stars: | 2023-09-19 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Starbucks — Shares fell 2% in midday trading following a downgrade to market perform from TD Cowen. Instacart — The grocery delivery stock roared out the gates as it debuted on the public market midday Tuesday, with shares popping about 12.3% and closing at $33.70. Planet Fitness — Shares of the gym franchise slid 4.2% after JPMorgan downgraded the stock to a neutral rating from overweight. The Wall Street firm also upgraded Carnival to hold from sell, sending shares nearly 0.5% higher. Raymond James earlier upgraded Rackspace to outperform from market perform and said it likes the company management's execution.

Persons: TD Cowen, Andrew Charles, George Wang, Evercore, Chris Rondeau, Lab's, Lazard, Goldman Sachs, Raymond James, — CNBC's Brian Evans, Jesse Pound, Samantha Subin, Yun Li, Lisa Kailai Han, Michelle Fox Organizations: Starbucks, Disney, Barclays, Deere, JPMorgan, Bank of America, Truist, Technology Locations: Alhambra , California, Los Angeles, China, New Zealand

☆ Here are Tuesday's biggest analyst calls: Arm, Apple, Nvidia, Starbucks, CVS, Planet Fitness and more
▼ + stars: | 2023-09-19 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Evercore ISI upgrades CVS to outperform from in line Evercore ISI said in its upgrade of the drugstore chain that the stock is attractive. Daiwa upgrades Dell to outperform from hold Daiwa said in its upgrade of Dell that "AI is starting to kick in." JPMorgan downgrades Planet Fitness to neutral from overweight JPMorgan downgraded Planet Fitness due to leadership changes and "ongoing systemic challenges." TD Cowen reiterates Nvidia as outperform TD Cowen said it's even more bullish on the stock after attending a recent conference. TD Cowen downgrades Starbucks to market perform from outperform TD Cowen said in its downgrade of the coffee giant that it's concerned about China pressures.

Persons: Goldman Sachs downgrades Lazard, Goldman Sachs, Truist, Daiwa, Chris Rondeau —, —, TD Cowen, Cowen, it's, Raymond James, downgrades Deere, KeyBanc Organizations: Barclays, CVS, Dell, Holdings, JPMorgan, Nvidia, Technology, Apple, Micron, Citi, GE Healthcare, GE, General Electric, " Bank of America, Bank of America, China SSS, Evercore, Deere Locations: Royal Caribbean, China

☆ Planet Fitness races against rate hikes
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

View of the Planet Fitness logo at the their location in Clifton, New Jersey, U.S., January 6, 2023. REUTERS/Jennifer Saba Acquire Licensing RightsNEW YORK, Sept 18 (Reuters Breakingviews) - Planet Fitness (PLNT.N) is struggling to adapt to a high-interest-rate diet. Under Rondeau, Planet Fitness benefited from a post-pandemic exercise rebound, notching annual sales growth of over 40% in the last two years as location count expanded by 13%. Its stock is up 32% this year, while Planet Fitness’s is down by roughly the same amount. Life Time boss Bahram Akradi said his old approach of keeping prices low was a “mistake.” Planet Fitness can fix the same error.

Persons: Jennifer Saba, Chris Rondeau, Rondeau, Fitness’s, Bahram Akradi, Anita Ramaswamy, Jonathan Guilford, Sharon Lam, Aditya Sriwatsav Organizations: REUTERS, Reuters, Planet, X, Thomson Locations: Clifton , New Jersey, U.S

Planet Fitness said it is searching for its next chief both internally and externally. He's a franchisee of both Planet Fitness and Dunkin' Donuts and has been on Planet's board for six years. During his time as CEO, Rondeau led Planet Fitness's IPO and tripled its club base from about 700 to about 2,400 locations. "As we enter the next chapter of Planet Fitness' journey, the Board felt that now was the right time to transition leadership," Planet Fitness Chairman Stephen Spinelli Jr. said in a press release. "In today's evolving environment, Planet Fitness is continuing to enhance our competitive advantage, capitalize on our size and scale, and drive further shareholder value."

Persons: Chris Rondeau, Craig Benson, He's, Rondeau, William Blair, Sharon Zackfia, Zackfia, Rondeau couldn't, Michael, Marc Grondahl, it's, " Rondeau, Stephen Spinelli Jr Organizations: Planet Fitness, Planet Locations: New Hampshire, Dover , New Hampshire

☆ Stocks making the biggest moves midday: General Motors, Stellantis, Planet Fitness, Adobe and more
▼ + stars: | 2023-09-15 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Nucor — The steelmaker fell 6.1% after offering worse-than-expected guidance for third-quarter earnings, with the company pointing to pricing and volume challenges. Core & Main — The infrastructure stock retreated 4.1% a day after it announced a secondary stock offering. The bank said Apellis has a favorable risk/reward ahead of third-quarter earnings. The Wall Street firm said the resumption of loan repayments introduce bookings risk to food delivery. The Wall Street firm said its pessimistic outlook was changing despite recent underperformance in the reinsurance space.

Persons: Stellantis, Chris Rondeau, Rondeau, Craig Benson, Nucor, Raymond James, Needham, Charles Shi, Lam, Goldman Sachs, Apellis, MoffettNathanson, Estée Lauder, Goldman, Yun Li, Jesse Pound, Samantha Subin, Pia Singh, Brian Evans, Lisa Kailai Han Organizations: UAW, General Motors Wentzville, General Motors, Ford, United Auto Workers began, Workers, CNBC, LSEG, PTC Therapeutics, Medicines Agency's, Medicinal Products, Arm, Investment, Bloomberg News, Apple, Dexcom, ASML Holding, Lam Research, Taiwan Semiconductor, Adobe, Bank of America, JPMorgan, Apellis Pharmaceuticals, Waste Systems Locations: Wentzville , Missouri, New Hampshire, Wells, underperform

☆ Planet Fitness CEO Chris Rondeau joins Jim Cramer to talk quarterly results
▼ + stars: | 2023-05-15 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Planet Fitness CEO Chris Rondeau joins Jim Cramer to talk quarterly resultsPlanet Fitness CEO Chris Rondeau joins Jim Cramer to talk quarterly results, customer trends, and more.

☆ Fitness chains add financial muscle as more Americans hit the gym
▼ + stars: | 2023-03-22 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Some of the major players in the fitness sector have pushed the envelope on membership rates after the pandemic scare, helping them beef up earnings, when most other industries are under stress from the impact of a cautious consumer. Larger rival Planet Fitness Inc (PLNT.N) added 400,000 members in the fourth quarter, taking the total to about 17 million in 2022. "People that are working out, are working out slightly more than they did in the past ... So even with the recessionary talks and layoffs you see, cancellations are just slightly better," Planet Fitness CEO Chris Rondeau said at a JPMorgan conference last week. A Planet Fitness executive said Gen Z represented 25% of the company's total membership.

☆ Why it’s impossible to find an open squat rack at the gym
▼ + stars: | 2023-02-28 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

You’ll have much better luck finding an open elliptical machine than a bench press, squat rack or 30-pound dumbbells. The pandemic led more people to take up weight training, gym owners and industry experts say. Post-pandemic, the surge in the popularity of weight training has helped the gym industry recover. Paul/Fairfax Media/Getty ImagesThe arrival of Nautilus and Universal strength training equipment in the 1970s and 1980s made weightlifting more attractive to a broader range of people. Genesis clubs have added more squat and dumbbell racks to keep up with demand for strength training and downsized cardio areas.

It’s the start of a class known as high-intensity interval training, a combination of treadmill and weight-lifting, at the boutique fitness studio Barry’s. The brothers and Rondeau, who now serves as Planet Fitness’ chief executive, hit upon a concept. Planet Fitness’ tag, “judgement free zone” is true to form. Part of the appeal is its $10 a month basic membership fee – which hasn’t changed – that Planet Fitness primarily collects through electronic funds transfers. Still, with solid and regular profits and a reasonable amount of debt, Planet Fitness has staying power, even if shareholders lose their shirts while its valuation comes in line.

☆ Planet Fitness CEO Chris Rondeau on getting 'people off the couch' in 2023
▼ + stars: | 2023-01-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPlanet Fitness CEO Chris Rondeau on getting 'people off the couch' in 2023Chris Rondeau, Planet Fitness CEO, joins 'Squawk Box' to discuss Planet Fitness' traffic prospects in February, where the margins are for the company and the future of the Pelotons of the world.

☆ Why Planet Fitness' $10 per month membership hasn't changed in spite of inflation
▼ + stars: | 2022-11-15 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy Planet Fitness' $10 per month membership hasn't changed in spite of inflationPlanet Fitness CEO Chris Rondeau joins 'Closing Bell' to discuss opportunities to grow gym membership in the U.S. and worldwide, brick-and-mortar gyms verse at-home fitness plans and recession headwinds.

☆ Gyms and at-home fitness battle for prominence this holiday season
▼ + stars: | 2022-11-11 | by ( Jack Stebbins | ) www.cnbc.com time to read: +4 min

Michael Loccisano | Getty ImagesThe fitness industry appears headed for a strong holiday season, but not everyone will see a boost. Now inflationary pressures and a post-lockdown reset look poised to benefit traditional gyms and trade-down options — threatening connected at-home fitness equipment like the products made by Peloton and Lululemon -owned Mirror. Tarlowe, who covers Planet Fitness and Lululemon, said fitness spending remains steady, even among lower-income, inflation-squeezed consumers. People are trading down and shifting more toward value, he said, "and that bodes well for Planet Fitness." Planet Fitness CEO Chris Rondeau said members are exercising more, too: six times a month versus five times a month when Planet Fitness went public in 2015.

☆ SoulCycle is closing 25% of its studios
▼ + stars: | 2022-08-15 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN Business —It’s not just Peloton that’s spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. In the coming days, SoulCycle will shutter around 20 of its 83 studios: six in the New York City area, five in California and others in Washington, DC, Massachusetts, Illinois, Florida and Georgia. But SoulCycle, which has largely focused on in-studio classes, was hit with the other side of that trend. The privately held company, owned by Equinox, did open some SoulCycle studios outdoors and even created an $2,500 at-home bike in an effort to weather the pandemic. Affordable chains thrivingFitness chains and independent gyms at large have been hit hard, with roughly one-third of fitness locations closing during the pandemic.

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