The company behind Soho House remains on track to meet its forecasted membership targets while opening nine properties this year. Membership Collective Group, which runs 36 Soho House venues, said it had 142,250 members for Soho House.
The company generated revenues of $243 million in the 13 weeks ending July 3. It has never made a profit, but in good news, it produced $15.3 million in adjusted earnings before interest, taxes, depreciation, and amortization — a sign that net profit may be in the offing.
Investors punished stock shares of Membership Collective Group, however, after it announced that it would trim its revenue and adjusted earnings forecast for the year. The stock closed down 16 percent by the day’s close.
To offset inflation, the company has been boosting prices. But that hasn’t deterred interest. Retention has stayed at about 95 percent. The company had a record waitlist of about 82,000.
In June, the company brought its Ned brand to the NoMad district of New York, where it has welcomed about 700 members.
The earnings presentation is embedded below.