Basic Fit slumps after outlook cut as lower membership hits results

Basic-Fit

28/10/2022 09:24

** Shares in Basic Fit  BFIT.AS  are down 14.5%, set for
their worst day since March 2020, after it cuts FY guidance as
lower membership numbers weigh on Q3 sales
    ** The Dutch discount gym chain forecasts FY membership
growth of 3.35 mln (3.5 mln previously), revenue of around EUR
800 mln (EUR 800-850 mln previously) and EBITDA of EUR 200-205
mln (EUR 225 mln previously)
    ** "This is not unexpected but the adjustment is more than
expected," says ING, noting the company also trims its targeted
club roll-out by 50 clubs to 1,200 clubs by year-end
    ** Basic Fit reports Q3 revenue of EUR 208.4 mln ($207.3
million), while ING had forecast revenue of EUR 228 mln
    ** "The miss is explained by a lower number of members (3.15
mln vs 3.32 mln expected) as second half September
disappointed," ING says
    ** Stock hits its lowest price since November 2020
($1 = 1.0054 euros)
 (Reporting by Clement Martinot)
 ((Clement.martinot@tr.com))