Shares of WW, WW formerly Weight Watchers, on Tuesday jumped nearly 20% after the wellness and fitness company said that subscriptions grew 7% to 4.9 million.
WW International now has 3.8 million digital subscribers and 1.1 million studio members. The company expects to open about 400 studios in the U.S. by June 30 if plans for relaxing pandemic restrictions stay on track.
"We believe now more than ever, people need a trusted partner in health and wellness. WW is positioned to be that partner on a global scale," Chief Executive Mindy Grossman said in a statement.
"We are seeing renewed momentum in member signups for our digital offering – bringing digital membership to an all-time high.”
Weight Watchers said that it was speeding up its move to digital by focusing its strategy and resources to enhance engagement and members' experience on its digital platform.
The New York company pointed to the 3 million views its video "Oprah's Your Life in Focus: A Vision Forward" received as one of the ways it's transforming its digital service.
“In mid-March to ensure the health and safety of our studio members and our coaches, we proactively pivoted from in-person workshops to an entirely virtual experience," Grossman said.
"These virtual workshops have been well-received by our studio members and have a 97% satisfaction rate."
The company said it would launch Virtual Group Coaching, a digitally enabled coach-led virtual training session.
"Our digital business has strong global momentum," Grossman said.
Weight Watchers shares at last check jumped 18% to $29.87.