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View All NewsRevenue falls in Q2 at Staffing 360, but gross margin improves
Second-quarter revenue fell 6.6% in constant currency at Staffing 360 Solutions Inc. (NASD: STAF), a staffing provider operating in the US and UK. The decrease was 9.1% as reported. However, gross margin improved.
| (US$ thousands) | Q2 2017 | Q2 2016 | % change | % change constant currency |
| Revenue | $42,117 | $46,313 | -9.1% | -6.6% |
| Gross profit | $7,924 | $7,990 | -0.8% | |
| Gross margin | 18.8% | 17.3% | ||
| Net loss attributable to common stock | ($589) | ($2,567) | nm |
Quote
“Q2 continued our emphasis on improving the fundamentals of the company,” said Executive Chairman Brendan Flood. “We exited $1.1 million of low margin business and continue to improve our underlying gross margin, improving from 17.3% in Q2 2016 to 18.8% in Q2 2017. As mentioned last quarter, we have several new contracts that will ramp up from mid-summer that we anticipate will have an important impact on the second half of the year.”
Share price and market cap
Shares in Staffing 360 fell 8.5% in mid morning trading to 59 cents, and the company had a market cap of almost $8.6 million, according to Yahoo.