Like every other company, Weight Watchers ($WW) is learning to adapt to the pandemic as it unfolds. The company launched Virtual Workshops as a response to studio closures in an effort to keep the WW community engaged and connected. And WW’s digital transformation seems to be working in its favor.
First quarter End of Period Subscribers are up 9% year-over-year to 5.0 million, an all-time Q1-end high. Revenues of $400 million are up about 10% year-over-year. The company reported a quarterly loss of $0.04 per share, compared to a loss of $0.16 per share last year.
Social media engagement with the brand saw huge spikes in January and February. Facebook mentions of Weight Watchers hit 55,600 with more people using and talking about the service.
But the company’s success comes at the expense of its hiring department. Since the beginning of March, job listings have gone down from 1,060 to 15, a 99% decrease.
“We have strong liquidity and a highly cash generative business model. To further bolster our financial flexibility, we are implementing a $100 million cost-savings initiative,” the company wrote in a statement.
“Our business had a very strong start to the year, driven by the successful launch and marketing of our new myWW program and increased awareness from the WW Presents: Oprah’s 2020 Vision tour,” WW President and CEO Mindy Grossman said. “As we navigate this rapidly changing and uncertain environment created by COVID-19, our first priority is ensuring the health and safety of our employees and members.”
About the Data:
Thinknum tracks companies using the information they post online - jobs, social and web traffic, product sales, and app ratings - and creates data sets that measure factors like hiring, revenue, and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.
Further Reading:
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