Shares of Planet Fitness (NYSE: PLNT) were down 13.8% in July, according to data provided by S&P Global Market Intelligence. The company didn’t give investors much to go on during the month, leaving them to worry about the company’s financial health and timeline for reopening.
Since July, Planet Fitness reported results for the second quarter of 2020, finally filling in the blanks for investors.
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Gym operations have been decimated by the COVID-19 pandemic. They aren’t considered an essential service and have been among the slowest to reopen. For its part, Planet Fitness has over 2,000 locations, but almost 600 have been closed for nearly five months now. Unsurprisingly, second-quarter net revenue was down 78% from last year, and the company reported a net loss of $32 million.
Planet Fitness is quick to point out it’s still financially strong, and has over $400