SOHO HOUSE & CO ANNOUNCES FIRST QUARTER 2023 RESULTS
Andrew Carnie, CEO of SHCO : “We continue to focus on growing and enhancing membership, while driving operational excellence to deliver long-term growth and profitability” |
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SOHO HOUSE & CO ANNOUNCES FIRST QUARTER 2023 RESULTS
Andrew Carnie, CEO of SHCO : “We continue to focus on growing and enhancing membership, while driving operational excellence to deliver long-term growth and profitability” |
Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2023-05-15
Soho House & Co Inc. (NYSE: SHCO) (“SHCO,” “Company,” “we” or “our”), a global membership platform that connects a vibrant, diverse, and global group of members, today announced results for the first quarter ended April 2, 2023.
First Quarter 2023 Highlights
- Total Members in the first quarter 2023 grew to 237,961 from 226,830 in the fourth quarter 2022 and by 38.4% year-over-year
- Soho House Members grew to 168,685 from 161,975 in Q4 2022, and 28.8% year-over-year
- SHCO Membership waitlist now sits at an all-time high of over 89,000 and retention rates continue around pre-pandemic levels
- Total revenues of $255.2 million, 32.9% year-over-year growth
- Membership revenues of $83.2 million increased by 41.6% year-over-year, accounting for 32.6% of Total revenues
- In-House revenues grew to $116.1 million up 32.3% year-over-year
- Revenue Per Available Room (“RevPAR”) was 24.6% higher year-over-year on a Like-for-Like basis
- Net loss attributable to Soho House & Co Inc. was $16.0 million or $0.08 per share
- Adjusted EBITDA was $20.1 million, up $17.8 million from the first quarter 2022
- Opened Soho House Bangkok in Q1 2023
- Re-financed and upsized Miami mortgage to $140 million at 6.99% in May 2023
- Changed corporate name to Soho House & Co Inc. on March 20, 2023
“We continue to focus on growing and enhancing membership, while driving operational excellence to deliver long-term growth and profitability. We are pleased with our progress in the quarter as Total revenues grew by 33% year-on-year and Adjusted EBITDA outperformed expectations,” said Andrew Carnie, CEO of SHCO.
“We have raised our 2023 Adjusted EBITDA guidance to reflect the strong performance in the first quarter and continued confidence in the growth of our business.”
Nick Jones, founder of SHCO , added: “The team under Andrew's leadership continue to deliver on improving the member experience and driving bottom line results. We opened Soho House Bangkok in the quarter, giving our members a third beautiful House in Asia we are really proud of.”
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