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View All NewsStaffing 360 Q3 revenue down 4% amid challenging US environment
Staffing 360 Solutions Inc. (NASDAQ: STAF), a staffing firm with operations in the US and UK, yesterday reported third-quarter revenue fell by 4.0% year-on-year to $63.4 million.
| (USD thousands) | Q3 2023 | Q3 2022 | % change |
| Revenue | 63,467 | 66,120 | -4.0% |
| Gross profit | 9,372 | 12,325 | -23.9% |
| Gross margin | 14.7% | 18.6% | - |
| Net Income | (4,255) | 1,032 | - |
The year over year comparisons include Headway which the company acquired in May 2022 for the entire quarter in both periods. The decline in revenue was more prevalent in Commercial staffing as a result of a challenging US operating environment fuelled by high inflation and fear of recession and, commercial orders have slowed from the prior year.
Revenue by segment
| (USD thousands) | Q3 2023 | Q3 2022 | % change |
| Commercial Staffing - US | 23,714 | 25,940 | -8.6% |
| Professional Staffing - US | 25,824 | 25,756 | 0.2% |
| Professional Staffing - UK | 13,929 | 14,424 | -3.4% |
| Total | 63,467 | 66,120 | -4.0% |
For the nine months ended 30 September 2023, revenue increased by 7.8% to USD 188,650 as compared with USD 175,066 in revenue for the nine months ended 1 October 2022.
Staffing 360 Solutions shares closed yesterday at USD 0.3994, up 6.88% on the day and 14.11% above the 52-week low of USD 0.35 set on 3 January 2024. The company has a market cap of USD 2.24 million.