Report
R.J. Hottovy
EUR 101.80 For Business Accounts Only

Program enhancements are helping Weight Watchers adapt in a still-competitive, evolving market.

While the focus heading into Weight Watchers' second-quarter update was on newly appointed CEO Mindy Grossman, it was continued member acquisition and retention that stole the show. Subscribers grew 20% year over year (26% online, 13% meetings), with acceleration across each operating region, revenue growth accelerated to 13%, and adjusted operating margin expanded 500 basis points to 28.9%.
While these numbers were impressive in their own right, we think the more relevant metrics for long-term ...
Underlying
WW International Inc.

Weight Watchers International is a wellness company and provider of commercial weight management program. The company's Weight Management Program and Plan is comprised of a range of nutritional, activity, behavioral and lifestyle tools and approaches, and includes its food plan, known as SmartPoints. The company's services and products include meetings conducted by the company and its franchisees, digital offerings provided through its websites, mobile sites and apps, consumer products sold at meetings and through the company's websites, licensed and endorsed products sold in retail channels and magazine subscriptions and other publications. The company provides subscriptions for its plans for meetings and online subscriptions.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
R.J. Hottovy

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