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form_8k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 21, 2010

MANPOWER INC.

(Exact name of registrant as specified in its charter)

Wisconsin	1-10686	39-1672779
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

100 Manpower Place
Milwaukee, Wisconsin	53212
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (414) 961-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

	Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 240.14a-12)

	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On July 21, 2010, we issued a press release announcing our results of operations for the three- and six- month periods ended June 30, 2010. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Exhibits.

Exhibit No.		Description
	99.1	Press Release dated July 21, 2010
	99.2	Presentation materials for July 21, 2010 conference call

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

		MANPOWER INC.

Dated: July 21, 2010	By:	/s/ Michael J. Van Handel
		Michael J. Van Handel Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit No.		Description
	99.1	Press Release dated July 21, 2010
	99.2	Presentation materials for July 21, 2010 conference call

exhibit_99-1.htm

Exhibit 99.1

FOR IMMEDIATE RELEASE Contact:

Mike Van Handel

Manpower Inc.

+1.414.906.6305

michael.vanhandel@manpower.com

Manpower Reports 2ND Quarter and First Half 2010 Results

MILWAUKEE, WI, USA, July 21, 2010 – Manpower Inc. (NYSE: MAN) today reported that earnings per diluted share for the three months ended June 30, 2010 were 40 cents compared to 21 cents in the prior year period. Net earnings in the quarter were $32.7 million compared to $16.3 million a year earlier. Revenues for the second quarter were $4.6 billion, an increase of 21 percent from the year earlier period, or an increase of 24 percent in constant currency.

Second quarter 2010 results include the COMSYS acquisition which was completed on April 5, 2010. Revenue growth on an organic basis, excluding the impact of COMSYS was 16%, or 19% on a constant currency basis. Second quarter results also include an unfavorable impact from currency of 2 cents per diluted share.

Manpower Inc. Chairman and Chief Executive Officer Jeffrey A. Joerres said, “The improving secular trends are continuing as companies across all major geographies are adding flexible talent to their organizations.

“We are constantly monitoring the economic trends and their potential uncertainties; however, we have not felt any slowdown as we enter the third quarter. Our investments in infrastructure, key initiatives, and an outstanding team were the prime accelerants to the strong performance in the second quarter. Germany, Sweden, U.K., U.S., Canada, Mexico, France and Italy all had extremely strong revenue growth throughout the quarter.

“The integration of COMSYS into our U.S. Professional staffing business is well ahead of schedule, and revenue growth is exceeding expectations.

“We are anticipating the third quarter of 2010 diluted earnings per share to be in the range of 41 cents to 51 cents, which includes an estimated unfavorable currency impact of 4 cents,” Joerres stated.

Earnings per diluted share for the six months ended June 30, 2010 were 44 cents compared to 18 cents per diluted share in 2009. Net earnings were $35.5 million compared to $14.5 million in the prior year. Revenues for the six-month period were $8.7 billion, an increase of 17 percent from the prior year or 15 percent in constant currency. Foreign currency exchange rates had a favorable impact of 1 cent for the six-month period.

In conjunction with its second quarter earnings release, Manpower will broadcast its conference call live over the Internet on July 21, 2010 at 7:30 a.m. CDT (8:30 a.m. EDT). Interested parties are invited to listen to the webcast and view the presentation by logging on to http://investor.manpower.com.

Supplemental financial information referenced in the conference call can be found at http://investor.manpower.com.

About Manpower Inc.

Manpower Inc. (NYSE: MAN) is a world leader in innovative workforce solutions; creating and delivering services that enable its clients to win in the changing world of work. With over 60 years of experience, Manpower offers employers a range of services and solutions for the entire employment and business cycle including permanent, temporary and contract recruitment; employee assessment and selection; training; outplacement; outsourcing and consulting. Manpower's worldwide network of nearly 4,000 offices in 82 countries and territories enables the company to meet the needs of its 400,000 clients per year, including small and medium size enterprises in all industry sectors, as well as the world's largest multinational corporations. The focus of Manpower's work is on raising productivity through improved quality, efficiency and cost-reduction across their total workforce, enabling clients to concentrate on their core business activities. Manpower Inc. operates under five brands: Manpower, Manpower Professional, Elan, Jefferson Wells and Right Management. More information on Manpower Inc. is available at www.manpower.com.

Forward-Looking Statements

This news release contains statements, including statements regarding economic trends and future profitability, that are forward-looking in nature and, accordingly, are subject to risks and uncertainties regarding the Company’s expected future results. The Company’s actual results may differ materially from those described or contemplated in the forward-looking statements. Factors that may cause the Company’s actual results to differ materially from those contained in the forward-looking statements can be found in the Company’s reports filed with the SEC, including the information under the heading ‘Risk Factors’ in its Annual Report on Form 10-K for the year ended December 31, 2009, which information is incorporated herein by reference.

- ### -

Manpower Inc.
Results of Operations
(In millions, except per share data)

	Three Months Ended June 30
						% Variance
						Amount			Constant
	2010		2009			Reported			Currency
	(Unaudited)
Revenues from services (a) (b)	$	4,585.6	$	3,793.5			20.9	%		23.7	%
Cost of services		3,788.6		3,101.2			22.2	%		25.1	%
Gross profit		797.0		692.3			15.1	%		17.4	%
Selling and administrative expenses		717.9		673.3			6.6	%		8.6	%
Operating profit		79.1		19.0			314.9	%		331.0	%
Interest and other expenses		11.9		10.8			10.2	%
Earnings before income taxes		67.2		8.2			712.1	%		736.2	%
Provision for income taxes		34.5		(8.1	)		N/A
Net earnings	$	32.7	$	16.3			99.7	%		105.6	%
Net earnings per share - basic	$	0.40	$	0.21			90.5	%
Net earnings per share - diluted	$	0.40	$	0.21			90.5	%		157.0	%
Weighted average shares - basic		81.5		78.3			4.1	%
Weighted average shares - diluted		82.5		78.8			4.7	%


(a) Revenues from services include fees received from our franchise offices of $5.8 million for the three months ended June 30, 2010 and 2009. These fees are primarily based on revenues generated by the franchise offices, which were $237.3 million and $174.1 million for the three months ended June 30, 2010 and 2009, respectively.

(b) Our 2009 results have been restated as disclosed in Note 16 to the Consolidated Financial Statements included in our 2009 Annual Report to Shareholders.

Manpower Inc.
Operating Unit Results
(In millions)

	Three Months Ended June 30
							% Variance
							Amount			Constant
	2010			2009			Reported			Currency
	(Unaudited)
Revenues from Services:
Americas:
United States (a)	$	686.0		$	374.3			83.3	%		83.3	%
Other Americas		306.1			220.7			38.6	%		30.9	%
		992.1			595.0			66.7	%		63.9	%

France		1,255.9			1,100.1			14.2	%		22.6	%
EMEA:
Italy		258.8			230.1			12.5	%		20.6	%
Other EMEA (b)		1,433.7			1,255.9			14.2	%		18.0	%
		1,692.5			1,486.0			13.9	%		18.4	%
Asia Pacific		505.7			406.2			24.5	%		15.4	%
Right Management		98.8			158.1			-37.5	%		-37.8	%
Jefferson Wells		40.6			48.1			-15.8	%		-15.8	%
	$	4,585.6		$	3,793.5			20.9	%		23.7	%
Operating Unit (Loss) Profit:
Americas:
United States (a)	$	9.6		$	(5.8	)		N/A			N/A
Other Americas		8.6			3.9			121.6	%		110.0	%
		18.2			(1.9	)		N/A			N/A

France		9.9			4.2			139.8	%		168.6	%
EMEA:
Italy		13.5			6.8			99.5	%		115.3	%
Other EMEA (b)		29.5			(6.9	)		N/A			N/A
		43.0			(0.1	)		N/A			N/A
Asia Pacific		12.0			3.5			237.3	%		215.1	%
Right Management		7.8			42.3			-81.5	%		-81.7	%
Jefferson Wells		(3.1	)		(10.2	)		N/A			N/A
		87.8			37.8
Corporate expenses		(25.1	)		(18.8	)
Reclassification of French business tax		16.4			-
Operating profit		79.1			19.0			314.9	%		331.0	%
Interest and other expenses (c)		(11.9	)		(10.8	)
Earnings before income taxes	$	67.2		$	8.2


(a) The United States results include the results of COMSYS IT Partners, Inc., which was acquired on April 5, 2010. United States revenues from services include fees received from our franchise offices of $3.4 million and $2.4 million for the three months ended June 30, 2010 and 2009, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $155.8 million and $107.2 million for the three months ended June 30, 2010 and 2009, respectively.

(b) Our 2009 results have been restated as disclosed in Note 16 to the Consolidated Financial Statements included in our 2009 Annual Report to Shareholders.

(c) The components of interest and other expenses were:
		2010			2009
Interest expense	$	12.5		$	13.9
Interest income		(1.4	)		(3.2	)
Foreign exchange losses		0.9			1.0
Miscellaneous income, net		(0.1	)		(0.9	)
	$	11.9		$	10.8

Manpower Inc.
Results of Operations
(In millions, except per share data)

	Six Months Ended June 30
						% Variance
						Amount			Constant
	2010		2009			Reported			Currency
	(Unaudited)
Revenues from services (a) (b)	$	8,684.9	$	7,436.5			16.8	%		14.6	%
Cost of services		7,186.4		6,078.5			18.2	%		16.0	%
Gross profit		1,498.5		1,358.0			10.3	%		8.2	%
Selling and administrative expenses		1,386.8		1,337.6			3.7	%		1.6	%
Operating profit		111.7		20.4			447.6	%		441.4	%
Interest and other expenses		24.8		22.7			9.4	%
Earnings (loss) before income taxes		86.9		(2.3	)		N/A			N/A
Provision for income taxes		51.4		(16.8	)		N/A
Net earnings	$	35.5	$	14.5			143.9	%		140.0	%
Net earnings per share - basic	$	0.44	$	0.19			131.6	%
Net earnings per share - diluted	$	0.44	$	0.18			144.4	%		264.9	%
Weighted average shares - basic		80.1		78.2			2.4	%
Weighted average shares - diluted		81.2		78.6			3.4	%


(a) Revenues from services include fees received from our franchise offices of $10.4 million and $10.9 million for the six months ended June 30, 2010 and 2009, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $431.2 million and $333.0 million for the six months ended June 30, 2010 and 2009, respectively.

(b) Our 2009 results have been restated as disclosed in Note 16 to the Consolidated Financial Statements included in our 2009 Annual Report to Shareholders.

Manpower Inc.
Operating Unit Results
(In millions)

	Six Months Ended June 30
							% Variance
							Amount			Constant
	2010			2009			Reported			Currency
	(Unaudited)
Revenues from Services:
Americas:
United States (a)	$	1,128.1		$	748.1			50.8	%		50.8	%
Other Americas		600.6			439.9			36.5	%		26.9	%
		1,728.7			1,188.0			45.5	%		41.9	%

France		2,363.4			2,057.0			14.9	%		16.4	%
EMEA:
Italy		493.0			450.5			9.4	%		10.7	%
Other EMEA (b)		2,813.3			2,514.7			11.9	%		9.2	%
		3,306.3			2,965.2			11.5	%		9.4	%
Asia Pacific		1,003.2			831.4			20.7	%		10.2	%
Right Management		202.1			294.1			-31.3	%		-33.2	%
Jefferson Wells		81.2			100.8			-19.5	%		-19.5	%
	$	8,684.9		$	7,436.5			16.8	%		14.6	%
Operating Unit (Loss) Profit:
Americas:
United States (a)	$	1.2		$	(20.3	)		N/A			N/A
Other Americas		18.2			8.7			110.2	%		97.4	%
		19.4			(11.6	)		N/A			N/A

France		10.1			5.2			96.2	%		122.1	%
EMEA:
Italy		20.3			8.2			148.6	%		157.7	%
Other EMEA (b)		46.3			(10.3	)		N/A			N/A
		66.6			(2.1	)		N/A			N/A
Asia Pacific		24.5			15.6			57.0	%		41.9	%
Right Management		20.3			71.4			-71.5	%		-72.1	%
Jefferson Wells		(7.8	)		(17.7	)		N/A			N/A
		133.1			60.8
Corporate expenses		(51.5	)		(40.4	)
Reclassification of French business tax		30.1			-
Operating profit		111.7			20.4			447.6	%		441.4	%
Interest and other expenses (c)		(24.8	)		(22.7	)
Earnings (loss) before income taxes	$	86.9		$	(2.3	)


(a) The United States results include the results of COMSYS IT Partners, Inc., which was acquired on April 5, 2010. United States, revenues from services include fees received from our franchise offices of $5.9 million and $4.4 million for the six months ended June 30, 2010 and 2009, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $288.0 million and $202.1 million for the years ended June 30, 2010 and 2009, respectively.

(b) Our 2009 results have been restated as disclosed in Note 16 to the Consolidated Financial Statements included in our 2009 Annual Report to Shareholders.

(c) The components of interest and other expenses were:
		2010			2009
Interest expense	$	23.6		$	27.0
Interest income		(3.0	)		(7.6	)
Foreign exchange losses		2.8			1.5
Miscellaneous expenses, net		1.4			1.8
	$	24.8		$	22.7

Manpower Inc.
Consolidated Balance Sheets
(In millions)

	Jun. 30			Dec. 31
	2010			2009
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	552.5		$	1,014.6
Accounts receivable, net		3,415.7			3,070.8
Prepaid expenses and other assets		172.4			179.6
Future income tax benefits		65.4			67.4
Total current assets		4,206.0			4,332.4
Other assets:
Goodwill and other intangible assets, net		1,732.3			1,357.5
Other assets		326.9			347.5
Total other assets		2,059.2			1,705.0
Property and equipment:
Land, buildings, leasehold improvements and equipment		655.0			703.6
Less: accumulated depreciation and amortization		492.3			527.2
Net property and equipment		162.7			176.4
Total assets	$	6,427.9		$	6,213.8
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	1,193.4		$	944.4
Employee compensation payable		184.6			187.8
Accrued liabilities		426.4			465.9
Accrued payroll taxes and insurance		543.9			572.0
Value added taxes payable		407.2			391.2
Short-term borrowings and current maturities of long-term debt		36.1			41.7
Total current liabilities		2,791.6			2,603.0
Other liabilities:
Long-term debt		611.9			715.6
Other long-term liabilities		396.0			358.7
Total other liabilities		1,007.9			1,074.3
Shareholders' equity:
Common stock		1.0			1.0
Capital in excess of par value		2,758.9			2,544.2
Retained earnings		1,114.5			1,109.6
Accumulated other comprehensive (loss) income		(20.0	)		106.9
Treasury stock, at cost		(1,226.0	)		(1,225.2	)
Total shareholders' equity		2,628.4			2,536.5
Total liabilities and shareholders' equity	$	6,427.9		$	6,213.8

Manpower Inc.
Consolidated Statements of Cash Flows
(In millions)

	Six Months Ended
	June 30
	2010			2009
	(Unaudited)
Cash Flows from Operating Activities:
Net earnings	$	35.5		$	14.5
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		50.5			46.9
Deferred income taxes		(6.9	)		(27.5	)
Provision for doubtful accounts		13.5			13.7
Share-based compensation		11.5			7.5
Excess tax benefit on exercise of stock options		(0.8	)		(0.1	)
Changes in operating assets and liabilities, excluding the impact of acquisitions:
Accounts receivable		(480.1	)		759.5
Other assets		(26.3	)		(40.7	)
Other liabilities		337.4			(394.5	)
Cash (used in) provided by operating activities		(65.7	)		379.3
Cash Flows from Investing Activities:
Capital expenditures		(27.9	)		(16.9	)
Acquisitions of businesses, net of cash acquired		(258.5	)		(21.7	)
Proceeds from the sale of property and equipment		2.3			2.1
Cash used in investing activities		(284.1	)		(36.5	)
Cash Flows from Financing Activities:
Net change in short-term borrowings		(5.5	)		(21.7	)
Proceeds from long-term debt		1.4			137.3
Repayments of long-term debt		(0.8	)		(200.6	)
Proceeds from share-based awards		14.8			5.5
Excess tax benefit on exercise of stock options		0.8			0.1
Dividends paid		(30.6	)		(29.0	)
Cash used in financing activities		(19.9	)		(108.4	)
Effect of exchange rate changes on cash		(92.4	)		(1.1	)
Change in cash and cash equivalents		(462.1	)		233.3
Cash and cash equivalents, beginning of period		1,014.6			874.0
Cash and cash equivalents, end of period	$	552.5		$	1,107.3

exhibit_99-2.htm

Exhibit 99.2

2010 July 21

2010 2nd Quarter
Results

Manpower Inc.

Manpower Inc. 2010 2nd Quarter Results

July 2010

This presentation includes forward-looking
statements, including earnings projections
which are subject to risks and uncertainties.
Actual results might differ materially from
those projected in the forward-looking
statements. Additional information
concerning factors that could cause actual
results to materially differ from those in the
forward-looking statements is contained in
the Company’s Annual Report on Form 10-K
dated December 31, 2009, which information
is incorporated herein by reference, and
such other factors as may be described from
time to time in the Company’s SEC filings.

Forward-Looking Statement

Manpower Inc. 2010 2nd Quarter Results

July 2010

315%

90%

157% CC

21%

24% CC

120 bps

Operating Profit $79M

OP Margin 1.7%

Revenue $4.6B

Gross Margin 17.4%

EPS $.40

90 bps

331% CC

Q1 Highlights

Throughout this presentation, the difference between reported variances and Constant Currency (CC) variances
represents the impact of currency on our financial results. Constant Currency is further explained on our Web site.

Consolidated Financial Highlights

(1) 2009 results include reorganization charges of $13M.

(1)

Manpower Inc. 2010 2nd Quarter Results

July 2010

Consolidated Gross Margin Change

Manpower Inc. 2010 2nd Quarter Results

July 2010

64% CC

Americas Segment
(22% of Revenue)

Q2 Financial Highlights

67%

OUP Margin

1.8%

210 bps

Revenue

$992M

OUP

$18M

Operating Unit Profit (OUP) is the measure that we use to evaluate segment
performance. OUP is equal to segment revenues less direct costs and branch and
national headquarters operating costs.

(1) Included in these amounts is the US, which had revenue of $686M (+83%) and OUP of $10M. On an
organic basis, US revenue was $504M (+35%) and OUP was $10M.

(2) On an organic basis, Americas revenue increased 36% in USD (33% in CC).

(1)

N/A

(2)

Manpower Inc. 2010 2nd Quarter Results

July 2010

Americas - Q2 Revenue Growth YoY

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

69%

11%

14%

(1) On an organic basis, US revenue was $504M (+35%).

(1)

Manpower Inc. 2010 2nd Quarter Results

July 2010

France Segment
(27% of Revenue)

Q2 Financial Highlights

OUP Margin

0.8%

Revenue

$1.3B

OUP

$10M

14%

23% CC

40 bps

140%

169% CC

Manpower Inc. 2010 2nd Quarter Results

July 2010

(1) Included in these amounts is Italy, which had revenue of $259M (+12% in USD, 21% in CC) and OUP of
$14M (+99% in USD, +115% in CC).

(2) 2009 includes reorganization charges of $5.5M.

EMEA Segment
(37% of Revenue)

Q2 Financial Highlights

OUP Margin

2.5%

Revenue

$1.7B

OUP

$43M

14%

18% CC

250 bps

N/A

(1)

(2)

Manpower Inc. 2010 2nd Quarter Results

July 2010

EMEA - Q2 Revenue Growth YoY

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

15%

14%

11%

10%

23%

Manpower Inc. 2010 2nd Quarter Results

July 2010

Asia Pacific Segment
(11% of Revenue)

Q2 Financial Highlights

OUP Margin

2.3%

Revenue

$506M

OUP

$12M

25%

15% CC

140 bps

237%

215% CC

(1)

(1) 2009 includes reorganization charges of $1.5M.

Manpower Inc. 2010 2nd Quarter Results

July 2010

Asia Pacific - Q2 Revenue Growth YoY

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

50%

26%

24%

Manpower Inc. 2010 2nd Quarter Results

July 2010

82%

82% CC

Right Management Segment
(2% of Revenue)

Q2 Financial Highlights

OUP Margin

7.9%

Revenue

$99M

OUP

$8M

38%

38% CC

1890 bps

Manpower Inc. 2010 2nd Quarter Results

July 2010

Jefferson Wells Segment
(1% of Revenue)

Q2 Financial Highlights

OUP Margin

- 7.5%

Revenue

$41M

OUP

$(3M)

1370 bps

16%

N/A

(1)

(1) 2009 includes reorganization charges of $5.9M.

Manpower Inc. 2010 2nd Quarter Results

July 2010

Other

(12)

Change in Cash

(462)

233

(21)

Cash Flow Summary - First Half

2010

2009

Cash from Operations

(66)

379

Capital Expenditures

(28)

(17)

Free Cash Flow

(94)

362

Change in Debt

(259)

(85)

($ in millions)

Effect of Exchange Rate Changes

(92)

(1)

Acquisitions of Businesses,

net of cash acquired

(22)

(5)

Manpower Inc. 2010 2nd Quarter Results

July 2010

COMSYS Acquisition Summary

Closing date:

April 5, 2010

Consideration:

Cash

$192M

Stock

188M

(3.2M shares @ $58.94 per share)

Debt Retired

47M

$427M

(1)

(1) Represents the closing stock price on April 5, which is higher than the average stock price of $57.98 used
to determine the conversion ratio for the tender offer.

Manpower Inc. 2010 2nd Quarter Results

July 2010

Balance Sheet Highlights

Total Debt

($ in millions)

Total Debt to

Total Capitalization

Total Debt

Net Debt

2010

Manpower Inc. 2010 2nd Quarter Results

July 2010

(b)

Credit Facilities as of June 30, 2010
($ in millions)

(a)

This $400M agreement requires, as of June 30, that we comply with a Debt-to-EBITDA ratio of less than 6.00 to 1 and a fixed charge coverage
ratio of greater than 1.25 to 1. As defined in the agreement, we had a Debt-to-EBITDA ratio of 2.13 and a fixed charge coverage ratio of 1.84
as of June 30, 2010.

As of June 30, there were $4.0M of standby letters of credit issued under the agreement.

Interest

Rate

Maturity

Date

Total

Outstanding

Remaining

Available

Euro Notes:

- Euro 200M

4.86%

June 2013

244

- Euro 300M

4.58%

June 2012

367

Revolving Credit Agreement

2.90%

Nov 2012

396

346

Uncommitted lines and Other

Various

Total Debt

648

742

Manpower Inc. 2010 2nd Quarter Results

July 2010

Third Quarter Outlook

Revenue

Americas

Up 60-62%

France

Up 2-4%

(Up 14-16% CC)

Up 18-20%

Asia Pacific

(Up 14-16% CC)

Jefferson Wells

Right Management

Down 34-36%

(Down 32-34% CC)

Up 13-15%

(Up 20-22% CC)

Total

Gross Profit Margin

16.8-17.0%

Operating Profit Margin

1.8-2.0%

Tax Rate

52%

EPS

$0.41-$0.51 (Neg. $.04 Currency)

Down 10-12%

EMEA

(Up 17-19% CC)

Up 8-10%

(Up 56-58% CC)

2010 2nd Quarter
Results

Manpower Inc.