Soho House shares moved higher at the open on Friday after the private members social club reported second-quarter earnings and revenue that beat expectations.
Revenue rose 18.5% year-over-year to $288.9 million, topping the Street estimate of $285.2 million, according to Zacks Consensus Estimate.
Its net loss was $2.6 million or $0.01 per share, far better than the forecast loss per share of $0.12.
Total members grew by 28.3% year-over-year to 248,071 and Soho House members grew 23.9% from the year-ago quarter to 176,305.
Its membership waitlist sits at an all-time high of about 95,000, and the company noted that its retention rates continued to be at pre-pandemic levels.
“We delivered another strong quarter of results with good membership growth and the highest quarter-on-quarter increase in our waitlist since 1Q 2022, demonstrating the continued appeal of our membership,” Soho House CEO Andrew Carnie said in a statement.
Based on its strong results, Soho House upped its full-year guidance for membership, total revenues and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).
It now expects total Soho House members of 191,000, up from 190,000, and total revenues between $1.12 billion and $1.19 billion, as compared to its previous guidance of a range of $1.1 billion to $1.2 billion.
For adjusted EBITDA, Soho House forecast a range of $126 to $134 million, up from $122 to $132 million.
Soho House shares had added 13.9% at US$6.97 shortly after the opening bell in New York.
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