Staffing 360 revenue falls 2% in Q3, gross margin improves

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November 16, 2021

Third-quarter revenue fell 2.3% year over year at Staffing 360 Solutions Inc. (NASDAQ: STAF), a staffing provider with operations in the US and UK. Excluding its sale of firstPRO, revenue fell 1.7%. Gross margin improved.

(US$ thousands) Q3 2021 Q3 2020 % change
Revenue $47,501 $48,640 -2.3%
Gross profit $9,623 $8,324 15.6%
Gross margin  20.3% 17.1%  
Net loss $8,713 ($2,641) nm

“The general business outlook remains strong and our business is steadily improving,” Chairman, CEO and President Brendan Flood said. “We continue to gain more business, with often increasingly larger contracts for temporary placement.”

Flood forecast improved revenue and gross profit in the fourth quarter fueled by pent-up demand.

Staffing 360 also reported it’s focused on gross profit and EBITDA growth, which can come at the expense of lower-margin revenue.

Share price and market cap

Shares in Staffing 360 were down 6.22% to $1.66 as of 12:53 p.m. Eastern time; they were 3.82% above their 52-week low, according to FT.com. The company had a market cap of $22.6 million.

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