Soho House & Co Inc. (NYSE: SHCO), a global membership platform fostering a dynamic and diverse community, has unveiled its performance report for the first quarter ending on March 31, 2024. Here are the highlights:
- Total membership surged to 261,571 in Q1 2024, marking a 9.9% increase from Q4 2023.
- Soho House members reached 198,021, up by 17.4% from Q4 2023.
- The SHCO Membership waitlist reached an unprecedented high of approximately 102,000.
- Total revenues reached $263.1 million, reflecting a 3.1% year-over-year growth.
- Membership revenues soared to $100.2 million, a remarkable 20.4% increase year-over-year, constituting 38.1% of total revenues.
- In-House revenues totaled $110.4 million, experiencing a slight decline of -5% year-over-year.
- Revenue Per Available Room (RevPAR) decreased by -3% year-over-year on a like-for-like basis.
- The net loss attributable to Soho House & Co Inc. was $46.0 million or $0.24 per share.
- Adjusted EBITDA stood at $19.3 million, a slight decrease of $(0.8) million compared to Q1 2023.
- Soho House Portland was inaugurated during the quarter, with plans underway to open Soho House Sao Paulo soon.
Andrew Carnie, CEO of Soho House & Co, commented, “Our first quarter results underscore the global appeal of Soho House, with membership growing by 17% year-on-year and our waitlist surpassing 100,000 for the first time.”
He continued, “We observed a 3% growth in total revenues for the quarter, and we’ve noticed consistent improvement in underlying trends since the beginning of the year. This, combined with our strong execution, bolsters our confidence in raising the midpoint of our Adjusted EBITDA guidance.”
Carnie expressed gratitude, stating, “I’d like to extend my appreciation to our dedicated teams for their passion and hard work, as well as to our members worldwide for their unwavering loyalty.”
Key highlights against strategic priorities in the first quarter include:
- Membership Growth and Enhancement:
- Membership reached record highs, buoyed by an unprecedented waitlist and strong retention rates.
- Initiatives aimed at enhancing member experience led to higher satisfaction scores.
- Soho House Portland commenced operations in March, with plans for the upcoming launch of Soho House Sao Paulo.
- Operational Excellence Driving Profitability:
- Q1 2024 Adjusted EBITDA reached $19.3 million, with margins at 7%.
- Implementation of a new top-tier Human Resources system in the UK, slated for global rollout.
- Despite cost inflation, like-for-like Food & Beverage margins at Soho Houses showed improvement compared to Q1 2023.
