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Weight Watchers International Inc.'s third-quarter profit fell 37% as the company continued to lose members, losing ground to free smartphone apps and other gadgets that track calories.
The New York company, which started in the early 1960s as a group of friends met in Queens to discuss how to lose weight, has struggled to retain paying members and has recorded significant declines in its weight-loss meeting attendance, once the building block of its business model.
As of Sept. 27, the number of active subscribers fell 12.5% from Sept. 28, 2013, the end of the year-ago quarter.
To stop the decline, Weight Watchers last year suspended dividends, saying it would use the roughly $39 million a year to restructure operations and pay down debt. Company executives have spoken of adding more personalized weight-loss programs and courting corporations and health-insurance providers to subsidize memberships.
On Wednesday, the company again raised its full-year forecast, saying it now expects $1.95 to $2.05 a share, compared to its previous view of $1.65 to $1.85 a share.
For the most recent period, Weight Watchers reported a profit of $37.9 million, or 67 cents a share, down from $60.3 million, or $1.07 a share, a year earlier. Excluding restructuring charges, earnings rose a penny a share.
Revenue fell 13% to $345.2 million.
Analysts surveyed by Thomson Reuters expected a profit of 48 cents and revenue of $337.5 million.
Shares fell 2% to $28.80 in recent after-hours trading.
Through Wednesday's closing, the company's stock was down nearly 11% for the year.
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