Market Movers

Weight Watchers sinks on lower revenue

Company revenue fell 4.1 percent to $465.1 million.
John Tlumacki /Globe staff/file/2011
Company revenue fell 4.1 percent to $465.1 million.

Weight Watchers International Inc. plummeted on second-quarter earnings that fell 16 percent on a $20 million debt-refinancing related charge, while its weight-loss meetings business continued to be hurt by weak enrollment trends.

The company also said that CEO David Kirchhoff resigned to pursue other opportunities. He will be succeeded by president James Chambers.

Weight Watchers said it earned $64.9 million, or $1.15 a share, down from $77.5 million, or $1.36 a share, a year earlier. Revenue decreased 4.1 percent to $465.1 million.