LONDON – Soho House & Co Inc. (NYSE:SHCO) reported a wider-than-expected loss for the second quarter of 2024, despite revenue beating estimates. The global membership platform saw its shares fall 1.8% following the earnings release.
Soho House reported a net loss of $33.9 million, or $0.17 per share, for Q2, compared to analyst expectations of a $0.11 per share loss. Revenue came in at $305.1 million, slightly above the consensus estimate of $302.85 million and up 5.6% year-over-year.
The company’s membership growth remained strong, with total members increasing 6.6% YoY to 264,540. Soho House members grew 16% YoY to 204,028. Membership revenues rose 16.1% to $103.6 million, accounting for 33.9% of total revenues.
“Our second quarter results reflect the strong appeal of Soho House globally, with Soho House membership growing 16% year-on-year and our waitlist increasing to approximately 111,000,” said Andrew Carnie, CEO of Soho House & Co.
In-House revenues, which include food and beverage, accommodation and spa offerings, increased slightly to $128.4 million. Adjusted EBITDA rose to $33.3 million from $31.8 million in Q2 2023.
For the full fiscal year 2024, Soho House maintained its revenue guidance of $1.2-1.25 billion, in line with analyst expectations of $1.22 billion. The company raised its outlook for total Soho House members to over 212,000, up from its previous guidance of over 210,000.
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