Planet Fitness is hiking its $10 membership plan for the first time in 26 years

Planet Fitness says the decision to raise the cost of its basic plan comes amid"several headwinds" impacting the company's earnings results.WASHINGTON — Planet Fitness is raising the cost of its basic membership plan for the first time in 26 years.

Current members who signed up for the $10 plan will still have that rate locked in until their membership expires, according to a "It will take some time for the benefit of the price change to expand our store level margins as the price increase will only be on new classic card memberships," Planet Fitness CFO Tom Fitzgerald said in thePlanet Fitness'"classic card," the gym chain's lowest plan, only allows members to use a single gym location.

The decision to raise the basic plan to $15 is a result of"several headwinds" impacting the company's earnings results. The new price was chosen after a series of price-tests in different markets, according to the company.

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