By Patricia Battle | The Street
Planet Fitness (PLNT) is making a major change that it hasn’t made in 26 years, and customers may not be too happy about it. The company announced during a recent earnings call that it will be hiking the price for its cheapest membership by $5 after piloting the change in different markets and hinted that more price increases may be on the way.
“For the past several months, we have had three different groups of stores testing three different prices for our Classic Card membership,” said Planet Fitness Chief Financial Officer Tom Fitzgerald during a May 9 earnings call. “Based on those test results, we have decided to increase the price from $10 to $15 to further enhance the average unit volumes for our stores.”
The price increase will go into effect this summer and will affect only new members who join after the change takes place. Those who are currently Classic Card members will still be charged $10 monthly for the duration of their membership.