Soho House & Co (SHCO) reported total revenues of $1.2 billion for the fiscal year ended December 29, 2024, a 7% increase compared to the revised $1.1 billion in fiscal 2023. Membership revenues contributed $418 million (35% of total revenue), In-House revenues (food, beverage, accommodation, spa) reached $482 million (40%), and Other revenues (Scorpios, Soho Works, Soho Home, management fees) totaled $304 million (25%). Compared to fiscal 2023, Membership revenue increased by 17%, while In-House revenue decreased by 0% and Other revenue increased by 6%. The company attributed the changes to a combination of factors including increased membership, new House openings, economic pressures in certain regions, and the timing of year-end events.
The company's operating loss increased to $70 million in fiscal 2024 from $36 million in fiscal 2023, primarily due to foreign exchange losses on borrowings and higher operating expenses resulting from inflationary pressures. Adjusted EBITDA, a non-GAAP measure, increased to $132 million in fiscal 2024 from $116 million in fiscal 2023, reflecting growth in revenues and operational efficiencies. SHCO's net loss attributable to the company increased to $163 million in fiscal 2024 from $131 million in fiscal 2023, largely impacted by the non-cash foreign exchange loss.
During fiscal 2024, SHCO opened three new Soho Houses in Portland (USA), Sao Paulo (Brazil), and London (UK), and a new Scorpios Beach Club in Bodrum (Turkey). The total number of Soho House members increased by 10% to 212,447, while other memberships (Soho Works, Soho Friends) experienced slight decreases. Active app users increased to 218,132. The company also highlighted the growth of its Soho Home retail brand, with sales increasing by 15% in fiscal 2024.
SHCO's 10-K filing also noted material weaknesses in its internal control over financial reporting, related to personnel expertise and the effectiveness of review and monitoring procedures. The company is implementing remediation measures, including hiring additional staff with relevant expertise and implementing a new ERP system. The filing included a discussion of various risk factors, including those related to profitability, debt, competition, brand reputation, cybersecurity, and regulatory compliance. The company stated it does not anticipate paying cash dividends in the foreseeable future.
About Soho House & Co Inc.
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