Welcome to our dedicated page for MCG news (Ticker: MCG), a resource for investors and traders seeking the latest updates and insights on MCG stock.
Membership Collective Group (MCG) operates a global network of private membership venues and digital platforms, renowned for pioneering the fusion of luxury hospitality with creative community building. This news hub provides investors and industry observers with direct access to MCG's official communications and market developments.
Our curated collection features earnings announcements, new venue openings, and strategic partnership updates directly from MCG leadership. Track the company's expansion across hospitality, coworking spaces like Soho Works, and lifestyle offerings including Soho Home retail.
Key updates cover membership growth metrics, digital platform enhancements, and sustainability initiatives within MCG's global operations. Bookmark this page for real-time insights into how the company maintains its position as the world's largest private membership network.
Soho House & Co Inc. (NYSE: SHCO), a global membership platform, will release its second-quarter 2024 financial results on Friday, August 9, 2024. The company will host a conference call and live webcast at 9:00 am ET on the same day to discuss the results. Investors can access the call via phone or webcast, with replay available on the company website for up to 90 days. SHCO operates a diverse portfolio including 44 Soho Houses, 9 Soho Works, Scorpios Beach Clubs, The Ned hotels, and the Soho Home retail brand across various global locations.
Soho House & Co, trading under the ticker SHCO on the NYSE, has announced the dissolution of a Special Committee formed to evaluate strategic transactions, including a potential privatization. The committee was formed in response to an offer valuing the company at a premium over its current trading price. However, the offer was deemed insufficient in reflecting the company's true value and not in the best interest of public stockholders. In addition, Soho House will hold an Investor Day later this year to discuss long-term growth plans. The Board also approved a $50 million share repurchase program in February 2024.
Soho House & Co Inc. (NYSE: SHCO) reported solid first quarter 2024 results with total members growing to 261,571, a 9.9% increase year-over-year, and membership revenues reaching $100.2 million, up 20.4% year-over-year. However, the company reported a net loss of $46.0 million and a decrease in In-House revenues by -5% year-over-year. Adjusted EBITDA was $19.3 million, down $(0.8) million from first quarter 2023. The company remains optimistic about future growth with plans to open new locations and raise midpoint of Adjusted EBITDA guidance.
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