Planet Fitness, Inc. (NYSE:PLNT) Q2 2023 Earnings Conference Call August 3, 2023 8:00 AM ET
Company Participants
Stacey Caravella – Vice President-Investor Relations
Chris Rondeau – Chief Executive Officer
Tom Fitzgerald – Chief Financial Officer
Conference Call Participants
John Heinbockel – Guggenheim Partners
Randy Konik – Jefferies
Simeon Siegel – BMO Capital Markets
Sharon Zackfia – William Blair
Jonathan Komp – Baird
Martin Mitela – Raymond James
Rahul Krotthapalli – JP Morgan
Chris O'Cull – Stifel
Operator
Ladies and gentlemen, thank you for standing by. And welcome to the Planet Fitness Q2 Quarterly Earnings Call.
I would now like to turn the call over to Stacey Caravella, Vice President, Investor Relations. Please go ahead.
Stacey Caravella
Thank you, operator, and good morning, everyone. Speaking on today will be Planet Fitness Chief Executive Officer, Chris Rondeau; and Chief Financial Officer, Tom Fitzgerald. Chris is traveling today and will be joining us remotely. Both will be available for questions during the Q&A session following the prepared remarks. Today's call is being webcast live and recorded for replay.
Before I turn the call over to Chris, I'd like to remind everyone that the language on forward-looking statements included in our earnings release also applies to our comments made during this call. Our release can be found on our website, investor.plantfitness.com, along with any reconciliation of non-GAAP financial measures mentioned on the call with their corresponding GAAP measures.
Now I'll turn the call over to Chris.
Chris Rondeau
Thank you, Stacey, and thank you, everyone, for joining us for the Planet Fitness Q2 earnings call. With all that's going on in the economy today, we feel really good about the demand that we are seeing for our brand. Our second quarter results reinforce that our judgment free, high-quality, and affordable fitness experience continues to resonate with consumers. We ended the quarter with more than 18.4 million members and 8.7% system-wide same-store sales growth. We added 26 stores, bringing our global store count to 2,472.
I'm going to cover two topics today. First, our second quarter results that confirmed that the fundamentals of our business continue to be strong; and second, our continued belief in our long-term growth opportunity despite near-term external headwinds. During the second quarter, we grew net membership by more than 300,000. All generational groups surpassed their pre-pandemic population penetration levels in the U.S. with the Gen Z continuing to lead the way in terms of membership growth. At the end of June, 3.5% of boomers, more than 6% of Gen Xers and more than 9% millennials and Gen Zs are members of Planet Fitness.