Soho House Q2 2021 Earnings Report
Key Takeaways
Membership Collective Group reported strong total revenue growth driven by a significant rebound of In-House Revenue. The company successfully completed its Initial Public Offering and opened two new Soho Houses in London and Austin.
Total revenue increased 118% to $124 million versus the same period last year.
In-House Revenue increased to $46 million, driven by the reopening of Soho Houses.
The MCG wait list grew to 63,700, the highest number to date.
Two new Soho Houses were opened in London and Austin.
Soho House
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Soho House Revenue by Segment
Forward Guidance
MCG is optimistic about the ongoing recovery of In-House Revenues, but the exact timing depends on the progression of Covid-19 and associated restrictions. The company expects to open three new Soho Houses in Q3 2021 and Soho House Brighton in Q4 2021.
Positive Outlook
- Optimistic about the ongoing recovery of In-House Revenues driven by pent-up demand.
- Stronger momentum in the UK compared to North America and Europe.
- Expect to open three new Soho Houses in the third quarter 2021.
- Expect to open Soho House Brighton in the fourth quarter 2021.
- Strong wait list and high number of applications position MCG well to grow the member base.
Challenges Ahead
- Exact timing and profile of the recovery is conditional on the progression of Covid-19 and associated restrictions.
- Houses and other sites continue to be impacted by restrictions, particularly in Europe.
- Near term uncertainty around the shape of recovery due to rise of Covid-19 cases.
- The company has continued to take a cautious approach to accepting new Soho House members.
- Soho Home online revenue growth depends on member spending.