Planet Fitness drops on FY forecast cut

Planet Fitness

09/05/2024 13:15

** Planet Fitness shares  PLNT.N  fall 7.5% to $57.24
premarket after fitness center operator lowers FY forecast,
misses Q1 rev. estimates
    ** Co sees FY rev. growth of 4% to 6%, down from previously
forecast range of 6% and 7%
    ** PLNT's annual adj. profit/shr is expected to grow 7% to
9%, down from the 10% to 11% range forecast earlier
    ** Co's Q1 rev. of $248 mln misses Street expectations of
$249.5 mln - LSEG data
    ** Interim CEO Craig Benson says a dip in consumer spending
and an increase in national advertisement spending hurt results 
    ** 13 of 18 brokerages rate the stock "buy" or higher, five
"hold"; their median PT is $78 - LSEG 
    ** Up to last close, stock had fallen 15.3% YTD 

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))