Business
WW International, Inc. Announces Second Quarter 2023 Results
End of Period Subscribers of 4.1 millionRevenues of $226.8 millionOperating Income of $26.3 million; excluding the net impact of restructuring charges and
About this update from Ww International, Inc.
[{"type":"text","content":"End of Period Subscribers of 4.1 millionRevenues of $226.8 millionOperating Income of $26.3 million; excluding the net impact of restructuring charges and acquisition transaction costs, adjusted operating income of $33.9 millionFull Year Fiscal 2023 Guidance Updates: Revenues are expected to be in the range of $890.0 million to $910.0 millionOperating Income is expected to be in the range of $39.0 million to $51.0 million; excluding the net impact of restructuring charges and acquisition transaction costs, adjusted operating income is expected to be in the range of $80.0 million to $85.0 million NEW YORK, Aug. 03, 2023 (GLOBE NEWSWIRE) -- WW International, Inc. (NASDAQ: WW) (“WeightWatchers,” “WW,” or the “Company”) today announced its results for the second quarter of fiscal 2023. “Our second quarter results give me further confidence that we are on the right trajectory,” said Sima Sistani, the Company’s CEO. “Sign ups for our WeightWatchers® business, excluding Clinical, were up year-over-year in the second quarter, delivering a return to sign up growth one quarter earlier than previously forecast. We are raising our expectation for year end 2023 total subscribers to be 3.7 million. With our portfolio of solutions to improve weight health, we are leading the movement of this positive category shift across science, culture, and communities.” “We ended Q2 with 4.1 million subscribers. This is the first time in the Company’s reporting history that we have achieved an in-year quarter-over-quarter total subscriber step up.” said Heather Stark, the Company’s CFO. “While, as anticipated, revenue was down year-over-year primarily due to the headwinds from 2022’s ending subscriber base, our actions to optimize our real estate footprint and organizational structure drove record high adjusted gross margin. Given encouraging subscriber trends and improved margins, we now expect full year adjusted operating income to be towards the high end of our previously provided guidance range, despite modestly reduced revenue expectations.” Q2 2023 Consolidated Results % Change % ChangeAdjusted forConstantCurrency(1) Three Months Ended July 1, July 2, 2023 2022 (in millions except percentages and per share amounts) Subscription Revenues, net$212.1 $240.4 (11.8%) (11.7%)Product Sales and Other, net 14.7 29.1 (49.5%) (49.3%)Revenues, net$226.8 $269.5 (...