TrueBlue Inc. (NYSE: TBI) revenue was down 12.3% in the fourth quarter. But while revenue hasn’t returned to year-over-year growth, the decline was smaller than those reported in the second and third quarters. Revenue had fallen 25.5% year over year in the third quarter.
“We saw steady improvement in our year-over-year revenue declines during the back half of the year, and we took the right actions to improve profitability, positioning the company for long-term growth as the economy continues to recover,” CEO Patrick Beharelle said.
| (US$ thousands) | Q4 2020 | Q4 2019 | % change |
| Revenue | $518,634 | $591,040 | -12.3% |
| Gross profit | $120,797 | $148,835 | -18.8% |
| Gross margin percentage | 23.3% | 25.2% | |
| Net income | $8,026 | $8,715 | -7.9% |
TrueBlue also noted client users of its JobStack platform were up 20% year over year in the fourth quarter to 26,300.
“PeopleReady’s JobStack app has been a critical tool for us during the pandemic, allowing us to connect with associates and clients safely during these tough times,” Beharelle said.
Revenue by segment
| (US$ thousands) | Q4 2020 | Q4 2019 | % change |
| PeopleReady | $297,471 | $364,801 | -18.5% |
| PeopleManagement | $179,306 | $171,344 | 4.6% |
| PeopleScout | $41,857 | $54,895 | -23.8% |
Full-year results
| (US$ thousands) | FY 2020 | FY 2019 | % change |
| Revenue from services | $1,846,360 | $2,368,779 | -22.1% |
| Gross profit | $440,645 | $619,948 | -28.9% |
| Gross margin percentage | 23.9% | 26.2% | |
| Net income/loss | ($141,841) | $63,073 | nm |
Share price and market cap
Shares in TrueBlue were up 4.25% to $20.49 as of 12:17 p.m. Eastern time; they were 11.09% below their 52-week high of $23.04 set on Feb. 5, 2020, according to FT.com. The company had a market cap of $697.0 million.