Soho House & Co Reports Revenue Growth

By Bobby Samwell • Tuesday, April 01 06:00 • Permanent Link

Soho House & Co Inc. (NYSE: SHCO) has reported its financial results for the fourth quarter and fiscal year 2024. The company's total revenues for the fourth quarter of 2024 were $305.6 million, reflecting a 5.4% year-over-year growth, with membership revenues increasing by 15.6% to $109.3 million. In-house revenues saw a slight decline of 1.5% to $123.4 million, while other revenues grew by 3.8% to $72.8 million.

For the entire fiscal year 2024, total revenues increased by 7.0% to $1,203.8 million, with membership revenues reaching $418.0 million, marking a 17.2% increase year-over-year. In-house revenues remained flat at $481.6 million, and other revenues saw a 6.2% increase to $304.2 million.

The net loss attributable to Soho House & Co Inc. was $91.7 million for the fourth quarter and $163.0 million for the fiscal year 2024. Adjusted EBITDA for the fourth quarter was $32.3 million, while for the fiscal year, it reached $131.9 million, up 14.1% from the previous fiscal year.

During the year, Soho House & Co Inc. successfully opened three new Soho Houses and a new Scorpios location, while also achieving growth in total Soho House members and membership revenues. The company's CEO, Andrew Carnie, expressed confidence in the operational and finance systems transformation, emphasizing the potential to drive long-term growth.

The company's membership base also saw growth, with total members reaching 271,541, up 4.5% year-over-year. Soho House membership grew to 212,447, marking a 9.6% increase year-over-year, while other memberships, including Soho Friends and Soho Works, totaled 59,094 members.

Additionally, the company ended the fourth quarter of 2024 with cash and cash equivalents and restricted cash of $156 million.

In terms of the potential transaction to take the company private, the special committee continues to assess the offer from a third-party consortium, with no assurances given regarding the outcome.

Soho House & Co Inc. stated that the strong results in 2024 demonstrate its focus on delivering the best member experience and operational excellence across its global network of houses. The company aims to drive long-term growth while maintaining the unique qualities that make Soho House special.

Following these announcements, the company's shares moved -1.0%, and are now trading at a price of $6.18. For more information, read the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.