The following is a summary of the Soho House & Co Inc. (SHCO) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Soho House reported a Q2 total revenue growth of 6% year-on-year to $305 million.

• Membership revenue rose by 16% year-over-year, reaching $104 million.

• Adjusted EBITDA grew $2 million year-over-year to $33 million.

• House-level contribution increased by 12% year-on-year, with margins improving by roughly 100 basis points.

Business Progress:

• Soho House opened new locations in Sao Paulo, Mexico City, and Portland, enhancing its global presence.

• Plans to open new Soho Houses in Madrid, Milan, Barcelona, and Tokyo were announced, aiming to boost membership demand further.

• The company focused on improving the member experience by introducing more dining options, enhancing service speeds, and increasing event variety.

Opportunities:

• The continued strong growth in membership numbers and the increasing global waitlist, which now stands at 111,000, underscore significant market demand.

• Expansion in new geographic regions like South America and planned openings in major cities indicate potential for further growth.

Risks:

• New house openings like Portland, Sao Paulo, and Bodrum brought initial losses, impacting short-term EBITDA growth.

More details: Soho House IR

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