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Jun 30, 2024
Soho House Q2 2024 Earnings Report
Soho House's second-quarter performance in 2024 reflected strong global appeal, membership growth, and strategic focus on operational efficiencies.
Key Takeaways
Soho House & Co. reported a 5.6% year-over-year increase in total revenues, reaching $305.1 million. Membership revenues grew by 16.1% to $103.6 million, and the company opened new Soho House locations in Sao Paulo and Bodrum. The company's Adjusted EBITDA was $33.3 million, up from $31.756 million in Q2 2023.
Total membership reached 264,540, a 6.6% increase year-over-year.
Soho House members grew to 204,028, a 16% increase year-over-year.
Membership revenues accounted for 33.9% of total revenues.
Adjusted EBITDA increased to $33.3 million.
Revenue by Segment
Forward Guidance
Soho House & Co. updated its fiscal year 2024 guidance, expecting Total Soho House Members to be greater than 212,000 and membership revenues between $410 million and $420 million. Total revenues are projected to be between $1,200 million and $1,250 million, with Adjusted EBITDA between $157 million and $165 million.
Positive Outlook
- Membership continues to reach new highs benefiting from a record waitlist and continued high retention rates
- Focused rollout of initiatives continue to improve member experience and service in our Houses, as illustrated by higher member satisfaction scores
- Opened Soho House Sao Paulo and Scorpios Bodrum in June and announced four upcoming Houses across Europe and Asia
- Like-for-like Food & Beverage margins at our Houses improved compared to the second quarter 2023, despite cost inflation
- Further streamlined corporate support functions
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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