Soho House Co Inc Reports Second Quarter 2024 Financial Results

Soho House & Co Inc. Reports Second Quarter 2024 Financial Results

Soho House & Co Inc. (NYSE: SHCO) has reported its financial results for the second quarter ending June 30, 2024.

Key Financial Metrics:

Interpretation of Financial Performance: Soho House & Co Inc. demonstrated solid growth with total revenue increasing by 5.6% year-over-year to $305.1 million. Adjusted EBITDA also rose to $33.3 million, reflecting a 5.0% increase. However, the company reported a net loss of $33.9 million or $0.17 per share, impacted by higher foreign exchange losses.

Revenue Performance by Segment:

Interpretation of Segment Performance: The company's membership revenue saw significant growth of 16.1%, contributing to 33.9% of the total revenue. In-house revenue also exhibited slight growth, reflecting improved usage and offerings within the Soho Houses. This robust performance in membership augurs well for the company, driven by increased member engagement and retention.

Operational Data:

Management Comments: Andrew Carnie, CEO of Soho House & Co, highlighted the strong global appeal of Soho House with a 16% year-on-year growth in membership and an all-time high waitlist of 111,000. The favorable reception of new openings like Soho House São Paulo was noted as a key driver of this growth.

Dividends and Share Repurchase Program: During the second quarter of 2024, the company repurchased 891,045 shares for $5 million.

Forward Guidance: Soho House has raised its outlook for membership for the full year, though specific financial guidance was not detailed.

Stock Price Movement: Following the earnings release, the stock experienced a minor decline of approximately 0.10%.

Overall, the second quarter results demonstrate Soho House's strong membership growth and resilient revenue performance amid a focus on operational efficiency and member experience.