WeightWatchers 2003 Annual Report Download - page 3

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Dear Shareholders,
We know that weight loss is difficult. We live in an increasingly sedentary society, faced with
ever growing portion sizes and availability of food choices. Weight Watchers members
recognize the benefits of adopting a balanced approach, of having flexibility built into their
diets and the positive impact group support and education can have on their weight-
management results. That is why they come to us.
Never before has there been such a need for our service. The Federal Centers for Disease
Control and Prevention recently found that obesity, the result of poor diet and inadequate
levels of physical inactivity, caused 400,000 U.S. deaths in 2000, 30% more obesity-related
deaths than just 10 years earlier. Obesity is now the second largest killer in the U.S. after
tobacco. And the obesity epidemic is not just a U.S. phenomenon. The International Obesity
Task Force, an expert group that advises the World Health Organization, has warned that up
to 1.7 billion people worldwide could be overweight or obese. We know that obesity is one of
the most serious threats facing the world’s population and that the demand for a healthy,
scientifically based, safe, and effective weight-loss and weight-management program continues
to grow.
Weight Watchers has a unique business model, with a variable cost structure that is ideally
suited to meet seasonal dieting demands. Our business is based on an unparalleled team of
dedicated meeting room staff and, of course, a world-renowned brand. These factors have
fueled our track record of strong growth over the past few years and lay the foundation for our
growth opportunities ahead.
Linda A. Huett
President and
Chief Executive Officer