LONDON - Soho House & Co Inc. (NYSE: SHCO), a global membership platform, reported a narrower net loss and increased revenue in the first quarter ended March 31, 2024, exceeding analyst expectations.
The company posted an adjusted earnings per share (EPS) of $0.24, which was $0.45 better than the analyst estimate of -$0.21. Revenue for the quarter was $263.15 million, slightly above the consensus estimate of $262.59 million.
The company's total membership grew to 261,571, an increase of 9.9% year-over-year (YoY), while Soho House membership expanded by 17.4% YoY to 198,021. The SHCO membership waitlist reached approximately 102,000, marking an all-time high. Membership revenues saw a significant increase of 20.4% YoY, contributing to 38.1% of total revenues. However, in-house revenues declined by 5% YoY to $110.4 million, and Revenue Per Available Room (RevPAR) decreased by 3% YoY on a like-for-like basis.
The net loss attributable to Soho House & Co Inc. was $46.0 million, or $0.24 per share, improving from a loss of $15.95 million, or $0.08 per share, in the first quarter of the previous year. Adjusted EBITDA was reported at $19.3 million, a slight decrease from $20.13 million in the first quarter of 2023.
CEO Andrew Carnie commented on the results, "Our first quarter results are testament to the strong appeal of Soho House globally, with Soho House membership growing 17% year-on-year and our waitlist surpassing the 100,000 mark for the first time." He also mentioned the opening of Soho House Portland and the upcoming opening of Soho House Sao Paulo.
Looking ahead, Soho House & Co provided an updated fiscal 2024 guidance, with expected total revenues in the range of $1.2 billion to $1.25 billion, aligning with the analyst consensus of $1.22 billion. The company also raised the midpoint of its Adjusted EBITDA guidance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.