“[T]he strong digital year-over-year growth momentum in Q1 slowed in the second quarter as we cycled against a strong digital performance in 2020,” said Chief Executive Mindy Grossman.
WW International Inc., the company formerly known as Weight Watchers, says customers are taking a break from their health goals in order to enjoy the summer, which pushed down subscriber numbers by 1.9% for the quarter.
“[T]he strong digital year-over-year growth momentum in Q1 slowed in the second quarter as we cycled against a strong digital performance in 2020,” said Chief Executive Mindy Grossman on the earnings call, according to FactSet.See: This viral meme shows just how worried people are about the delta variant of coronavirus
“With both traffic and search under pressure, this sentiment shift appears to be across the weight loss and wellness category.” “We now assume a more typical seasonal arc in memberships. We’re pausing our thesis and look to revisit once potential catalysts return to the narrative including new food platform in Q4 & Q1 customer acquisition marketing tied to the kick-start of the diet season.”Jefferies downgraded WW shares to hold from buy and cut its price target to $30 from $41.
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