Kelly Revenue Drops 24.9 Percent

By Staff Report

Apr. 28, 2009

First-quarter revenue fell 24.9 percent at Kelly Services Inc. to $1.04 billion from $1.39 billion in the year-ago quarter. Revenue was down 19 percent on a constant currency basis.

The Troy, Michigan-based staffing firm reported declines in revenue across most of the geographic regions. In the U.S., first-quarter revenue fell 21.4 percent year-over-year to $644.8 million.

In the U.K., first-quarter revenue fell 40.4 percent year-over-year to $62.6 million. Kelly also said it took a $5.4 million restructuring charge in the U.K. as part of its plan to close offices in that country.

Americas commercial staffing revenue fell 24.9 percent year-over-year, and Americas professional and technical revenue fell 17.3 percent. The Americas include the U.S., Canada, Mexico and Puerto Rico.

Kelly posted a first-quarter net loss of $15.5 million, compared with net income of $8.2 million in the first quarter of 2008.

—Staffing Industry Analysts

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