Membership Collective Group Shares Rise After 4Q Profit

Dow Jones2023-03-08

By Will Feuer

Shares of Membership Collective Group Inc. rose Wednesday after the Soho House parent company swung to a profit and posted a 46.5% rise in revenue in the fourth quarter.

The stock rose about 18% to $7.41 a share in morning trading. Over the past 12 months, the stock is up about 15%.

The London-based global membership network company, which runs members-only clubs like Soho House, posted a profit of seven cents a share, compared with a loss of 21 cents a share a year earlier. Analysts were expecting a loss of 20 cents a share, according to FactSet.

Revenue came to $270.4 million, topping the $254.6 million expected by Wall Street, according to FactSet.

Membership Collective is changing its name to Soho House & Co., and "demand remains strong despite concerns around the economic environment," Chief Executive Andrew Carnie said.

Total membership grew 45.6% from a year earlier to 226,830 members. The company's members waitlist sits at an all-time high and its retention rates have remained around prepandemic levels, Membership Collective said.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

March 08, 2023 10:35 ET (15:35 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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