The owner of the Soho House private members’ clubs has cut annual forecasts despite sales almost doubling.
Shares in Membership Collective Group closed down 15.9% at $6.87 in New York last night after the company posted a 96% jump in revenue, to $243.8m. Losses had widened in the last quarter, however, from $57.1m to $83.6m.
Membership Collective has now downgraded its revenue projection from between $950m and $1.025bn to between $910m and $980m, with adjusted earnings now projected to be between $70m and $80m, instead of $80m to $90m. The company blamed business slowdown in Hong Kong and foreign exchange headwinds.
Soho House owns 36 clubs around the world, and its parent company also owns the Ned hotel in the City and the Scopius beach club in Greece. Membership Collective said it was “on track” to open nine new Soho House venues this year. It has opened half a dozen over the past 12 months.
