Planet Fitness Traffic Holds Steady as Life Time Shows Growth Runway

Dow Jones08-13

1430 ET - July fitness data points to continued stability at Planet Fitness, while supporting a bullish view on Life Time Group, according to Jefferies in a research note. Planet Fitness foot traffic rose around 1% in July, about the same as June, while web visits climbed around 33% last month following a 36% rise in June, the analysts say. "2Q showed the business holding its shape with the guide intact and no negative 2H comp," the analysts add. Life Time web traffic increased about 32% in July following a 31% rise in June, and Jefferies says its 2Q results showed continued productivity gains from pricing, mix improvement and higher member engagement. These trends, along with other positives, should provide "a long runway for earnings growth & multiple expansion," the analysts say.

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