TrueBlue, Inc. reported a decline in financial performance for the thirteen weeks ended March 30, 2025, with total revenue from services amounting to $370.3 million, an 8.1% decrease from $402.9 million in the same period last year. The company's gross profit also fell to $86.3 million, representing 23.3% of revenue, down from 24.7% in the prior year. The net loss for the quarter was $14.3 million, or $(0.48) per diluted share, compared to a net loss of $1.7 million, or $(0.05) per diluted share, in the previous year.
The decline in revenue was attributed to soft demand for temporary labor and permanent hiring, as clients focused on reducing operating costs amid economic uncertainty. The PeopleReady segment, which provides contingent staffing, experienced a significant revenue drop of 15.0% to $189.3 million, while the PeopleManagement segment saw a slight increase of 1.2% to $135.5 million. The PeopleSolutions segment, which includes the recently acquired Healthcare Staffing Professionals (HSP), reported a 2.0% decline in revenue to $45.4 million, although the acquisition contributed positively to growth in this segment.
In terms of operational developments, TrueBlue completed the acquisition of HSP on January 31, 2025, for a total cash consideration of $35.1 million. This acquisition is expected to enhance the company's revenue in the healthcare staffing market. The integration of HSP into the PeopleSolutions segment is anticipated to provide additional growth opportunities, particularly in high-value professional roles. The company also reported a decrease in selling, general, and administrative expenses by 11.5% to $94.6 million, reflecting cost management efforts in response to declining demand.
Looking ahead, TrueBlue anticipates revenue growth for the fiscal second quarter of 2025 to be between -1% and 5% compared to the same period in the prior year, factoring in 5% inorganic growth from the HSP acquisition. The company expects gross profit margins to decline by 180 to 220 basis points due to changes in business mix, while SG&A expenses are projected to remain between $91 million and $95 million. TrueBlue's liquidity position remains stable, with $23.1 million in cash and cash equivalents and $70.9 million available under its revolving credit facility as of March 30, 2025.
About TrueBlue, Inc.
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