Planet Fitness said it's hiking its base-level membership prices for new customers for the first time since 1998, even as the gym operator warns that customers are growing increasingly cost-conscious.
Current members will continue to pay $10 per month "for the duration of their membership," Planet Fitness said Thursday alongside its quarterly earnings report.
Planet Fitness also said it will start testing higher prices for its top-tier membership, known as the Black Card, this summer.
Life Time members tend to be older, more affluent gymgoers, whereas Planet Fitness appeals to a younger, more budget-conscious consumer.
The Street is bullish on a company turnaround from Planet Fitness' incoming CEO, Colleen Keating, who assumes the role on June 10.
Persons:
Tom Fitzgerald, Craig Benson, Benson, Piper Sandler, Korinne Wolfmeyer, Colleen Keating
Organizations:
Time Holdings, White, Fitness