Soho House & Co Reports $8.2M Net Income Turnaround, 8% Revenue Growth

Soho House & Co Inc. reported a significant turnaround in its financial performance for the 13 weeks ended March 30, 2025, achieving a net income of $8.2 million compared to a net loss of $41.6 million in the same period last year. Total revenues increased by 8% to $282.9 million, driven primarily by a 14% rise in membership revenues, which reached $112.9 million, and a 2% increase in in-house revenues, totaling $112.4 million. The company attributed this growth to an increase in its member base, which now stands at approximately 269,600, including 212,000 Soho House members.

In terms of operational metrics, Soho House & Co saw its membership count grow by approximately 8%, adding around 11,900 new members since the first quarter of fiscal 2024. The company also opened two new locations, Soho House Sao Paulo and Soho House Portland, contributing to the increase in membership and in-house revenues. The Americas segment reported a 17% increase in membership revenues, while the United Kingdom and Europe/RoW segments also experienced growth, albeit at a slower pace.

The company’s operational expenses decreased by 13% to $248 million, primarily due to a reduction in share-based compensation and pre-opening expenses. The decrease in pre-opening expenses was particularly notable, dropping 65% as no new houses opened during the first quarter of fiscal 2025, compared to three openings in the previous year. Additionally, the company recognized $22.9 million in business interruption proceeds related to COVID-19, which positively impacted its operating income, resulting in a profit of $34.9 million compared to a loss of $24.3 million in the prior year.

Soho House & Co continues to expand its geographic footprint and membership offerings, with plans for new openings in Manchester and Milan. The company is also focused on enhancing its digital presence and member engagement through its app and online platforms. As of March 30, 2025, the company had $150 million in cash and cash equivalents, along with $5 million in restricted cash, providing a solid liquidity position to support its ongoing operations and growth initiatives.

Looking ahead, Soho House & Co remains optimistic about its growth trajectory, driven by strong demand for its membership offerings and the continued expansion of its physical and digital spaces. The company is committed to maintaining high membership retention rates and exploring new opportunities to enhance its service offerings, which it believes will further solidify its position in the market.