By Dean Seal
Life Time Group Holdings Inc. said its first-quarter loss narrowed this year as the lifting of restrictions related to the Omicron variant of the coronavirus spurred higher revenue from its fitness and spa centers.
The Chanhassen, Minn.-based company posted a net loss of $38 million, or 20 cents a share, compared with a net loss of $152.8 million, or $1.08 a share, from the same period a year ago. Analysts polled by FactSet had been expecting a loss of 30 cents a share for the quarter.
Revenue increased 57% to $392.3 million, aided by an almost 24% rise in center memberships and the opening of two new centers. Wall Street analysts had forecasted $389.3 million in revenue.
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