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
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
