Second-quarter revenue fell 41.0% at Staffing 360 Solutions Inc. (NASDAQ: STAF), a staffing firm with operations in the US and UK. As with other firms, the Covid-19 impacted results of the New York-based staffing firm. However, the company noted weekly improvements as of late.
“We experienced modest weekly improvements in business over the past six weeks and look forward to that improvement continuing,” Chairman and CEO Brendan Flood said in a statement on Tuesday. “I remain confident that we will be a stronger company when we come out of this than when we went into it.”
| (US$ thousands) | Q2 2020 | Q2 2019 | % change |
| Revenue | $43,361 | $73,495 | -41.0% |
| Gross profit | $7,554 | $12,092 | -37.5% |
| Gross margin | 17.4% | 16.5% | |
| Net loss/income | ($3,763) | ($1,471) | nm |
Revenue fell across segments with the biggest decrease in its UK professional staffing segment.
Revenue by segment
| (US$ thousands) | Q2 2020 | Q2 2019 | % change |
| Commercial staffing – US | $22,540 | $32,553 | -30.8% |
| Professional staffing – US | $5,929 | $9,481 | -37.5% |
| Professional staffing – UK | $14,892 | $31,461 | -52.7% |
Share price and market cap
Shares in Staffing 360 were down 25.43% to 78 cents as of 1:05 p.m. Eastern time; however, they were trading at 176.96% above their 52-week low. The company had a market cap of $9.7 million.