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New York Oprah Winfrey famously proclaimed"I love bread!" in a Weight Watchers commercial three years ago. But carbs aren't cutting it for the company anymore.
Shares of WW — Weight Watchers' new name — closed down 34% on Wednesday after the company shocked Wall Street with poor earnings and sales.CEO Mindy Grossman attributed the problem to the keto diet, a popular eating regimen that makes bread and other carbs taboo. She said during a call with analysts Tuesday that keto is"becoming a cultural mean," and she even called it a"keto surge." Wall Street is clearly nervous, too.
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