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Kelly Services (NASDAQ:KELYA), the US Workforce Management Services and Human Resources specialist, who yesterday reported a 29.1% year-over-year fall in revenues to $1.03 billion for the second quarter of 2009.
Kelly had previously announced that it would restructure its UK network during 2009 and re-structuring costs amounted to $2.4 million in Q2 2009 contributing to an overall loss from operations of $74.5 million.
Diluted losses per share from continuing operations in the second quarter of 2009 were $1.89 compared to second quarter 2008 earnings of $0.30 per share. UK re-structuring charges totalled $0.07 per share in the second quarter of 2009.
Europe was Kelly's worst performing region in the second quarter with a revenue decline of 27% in constant currency. France, which is now Kelly's largest operation in Europe following the downsizing of the UK, shrunk by 24% while Italy had the sharpest fall with a 46% decline in revenue. German revenues fell by 22% and Switzerland by 33%.
Carl T. Camden, President and CEO, commented that â€œthe company's losses reflect the continued weakened state of labour markets throughout the world".
"In this challenging environment, we remain focused on expense control, where our efforts have had a significant impact on our overall performance. Going forward, we will seek out additional opportunities to simplify our business structure and operate more efficiently," Camden said further.