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View All NewsStaffing 360 revenue rises 1.9% in fiscal Q1 but net loss increases
Staffing 360 Solutions Inc., a New York-based staffing firm with operations in the US and UK, reported revenue rose 1.9% year over year in its first quarter ended April 2, according to a July 15 regulatory filing. However, net loss increased.
The company reported revenue rose approximately $1.4 million on an organic basis in the quarter, but that growth was offset by an unfavorable currency translation of $478,000.
| (US$ thousands) | Q1 2022 | Q1 2021 | % change |
| Revenue | 49,893 | 48,951 | 1.9% |
| Gross profit | 8,513 | 8,015 | 6.2% |
| Gross margin | 17.1% | 16.4% | |
| Net loss | (2,324) | (1,688) | nm |
Staffing 360 posted growth in its US and UK professional staffing segments. However, revenue declined in its largest segment, US commercial staffing.
Revenue by segment
| (US$ thousands) | Q1 2022 | Q1 2021 | % change |
| Commercial staffing - US | 28,609 | 30,121 | -5.0% |
| Professional staffing - US | 4,329 | 3,771 | 14.8% |
| Professional staffing - UK | 16,955 | 15,059 | 12.6% |
Staffing 360 held a reverse stock split on June 24 to continue trading on the Nasdaq stock exchange. In April, it acquired US-based staffing firm Headway Workforce Solutions.
Share price and market cap
Shares in Staffing 360 traded at $4.01 as of 11:16 a.m. Eastern time; they were 14.25% above their 52-week low set yesterday, according to FT.com. The company had a market cap of $8.49 million.