YogaWorks Inc., Culver City, California, reported $14.9 million in second quarter 2018 revenue, a 19.2 percent year-over-year increase, according to financials released August 14. However, similarly to the yoga studio chain's first quarter report, it posted a net loss of $6.7 million. This is compared to a net loss of $4.4 million during the same period last year.
YogaWorks also reported an adjusted EBITDA loss of $1.4 million, versus a loss of $551,000 during the second quarter of 2017.
“Our second quarter revenue exceeded our expectations mainly due to newly acquired studios," YogaWorks CEO Rosanna McCollough said in a media release. "While our EBITDA was within our guidance range, we have experienced softness in our base studio EBITDA margin. Looking ahead, we are taking steps to improve sales and profitability in our base business and will be investing in additional marketing and training as well as reducing the class package promotions to focus on a more balanced product offering."
In the release, McCollough noted that the company recently added former Manduka CEO Sky Meltzer to its board of directors.
"We look forward to his perspectives and insights as we continue to grow our brand," McCollough said of Meltzer.
McCollough said she expects third quarter revenue between $14.6 million and $15.4 million, as compared to $13.5 million during the third quarter of 2017. For the full year of 2018, she expects revenue in the range of $57.5 million and $60.5 million, versus $54.5 million for the fiscal year of 2017.
YogaWorks ranked No. 27 on Club Industry's Top 100 Health Clubs of 2018 list.