Weight Watchers is crashing.
Shares fell as much as 34% in trading Friday following the company’s fourth quarter earnings announcement on Thursday.
The company reported Q4 2014 adjusted earnings per share of 7 cents on revenues of $US327.8 million, down 10.4% compared to the same period in the previous year. Expectations were for revenues of $US389 million, while EPS was in line with forecasts.
Active subscribers to the weight-loss company fell 15% in the fourth quarter.
“While we still believe in our underlying strategies, I am disappointed that we are not yet where we hoped to be and our turnaround will take longer than we had anticipated,” wrote Jim Chambers in the earnings statement.
For all of 2014, adjusted profit fell by 47% to $US115 million while annual revenue fell 14% to $US1.48 billion.
Here’s a chart showing the plunge: