TrueBlue, Inc. reported its financial results for the second quarter of fiscal 2025, revealing a slight increase in revenue but a net loss. For the thirteen weeks ended June 29, 2025, the company generated revenue of $396.3 million, a marginal increase from $396.2 million in the same period last year. However, the net loss narrowed to $0.2 million, compared to a net loss of $104.7 million in the prior year, reflecting improved operational efficiency and cost management. Gross profit as a percentage of revenue decreased to 23.6%, down from 26.4% a year earlier, primarily due to a shift in revenue mix towards lower-margin staffing services.
In terms of operational changes, TrueBlue completed the acquisition of Healthcare Staffing Professionals (HSP) on January 31, 2025, for a base purchase price of $42 million. This acquisition is expected to enhance revenue in the healthcare sector and diversify the company's offerings. The integration of HSP contributed approximately 4% to revenue growth for the quarter, although organic revenue continued to decline due to soft demand for temporary labor and permanent hiring amid economic uncertainty.
The company reported a significant reduction in selling, general, and administrative (SG&A) expenses, which fell by 7.4% to $89.8 million for the quarter. This reduction was attributed to operational cost management strategies implemented in response to declining demand. Additionally, TrueBlue recorded a minor impairment charge of $0.2 million related to a trademark within its PeopleManagement segment, a stark contrast to the $59.7 million impairment charge recorded in the same quarter last year.
As of June 29, 2025, TrueBlue's total assets stood at $672.8 million, with cash and cash equivalents of $21.9 million and outstanding debt of $53.8 million. The company has $79 million available under its revolving credit facility, providing a total liquidity of $100.9 million. Looking ahead, TrueBlue anticipates revenue growth of 5% to 11% for the third quarter of fiscal 2025, driven in part by the HSP acquisition, although it expects gross profit margins to decline due to changes in business mix and prior year reserve adjustments not repeating at the same level.
About TrueBlue, Inc.
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