TrueBlue, Inc. reported significant financial challenges in its latest 10-Q filing for the thirty-nine weeks ended September 29, 2024. Total revenue for the period was $1,181.4 million, reflecting a decline of 16.5% from $1,414.1 million in the same period of the previous year. For the thirteen weeks ended September 29, 2024, revenue was $382.4 million, down 19.2% from $473.2 million in the prior year. The decrease in revenue was primarily attributed to reduced demand for temporary labor and permanent hiring, as clients hesitated in staffing decisions amid economic uncertainty.
The company's gross profit for the thirteen weeks was $100.0 million, maintaining a gross profit margin of 26.2%, consistent with the same period in 2023. However, net loss for the thirteen weeks was $(7.6) million, compared to a net loss of $(10) thousand in the prior year. For the thirty-nine weeks, the net loss escalated to $(114.0) million, significantly higher than the $(11.6) million loss reported in the previous year. This included a substantial non-cash goodwill impairment charge of $59.1 million related to the PeopleReady reporting unit, driven by poor performance and adverse market conditions.
TrueBlue's total assets decreased to $702.4 million as of September 29, 2024, down from $899.4 million at the end of 2023. Cash and cash equivalents also saw a significant decline, falling to $14.5 million from $61.9 million. The company’s total liabilities decreased to $375.2 million, down from $441.5 million, while total shareholders' equity dropped to $327.2 million from $457.9 million.
In terms of operational adjustments, TrueBlue executed a divestiture of Labour Ready Temporary Services, Ltd. (PeopleReady Canada) for a preliminary sale price of $4.3 million, which generated cash proceeds of $2.9 million. The divestiture did not represent a strategic shift but was part of ongoing efforts to streamline operations.
The company has also focused on cost management, with selling, general, and administrative expenses for the thirteen weeks ending September 29, 2024, decreasing by 17.2% to $100.0 million compared to $120.7 million in the prior year. Looking ahead, TrueBlue anticipates continued revenue declines in the fiscal fourth quarter of 2024, projecting a decrease of 24% to 18% compared to the same period in the previous year.
About TrueBlue, Inc.
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