Superior Group Of Companies Reports Second Quarter Sales Growth
Superior Group of Companies, Inc., formerly Superior Uniform Group, has announced that second quarter net sales, which ended June 30, increased 25.6 percent to $82.4 million compared to 2017 second quarter net sales of $65.6 million. This is Superior Group’s 23rd consecutive quarter of sales increases. The company, located in Seminole, Florida, operates in the promotional products market through its subsidiaries, distributors BAMKO, LLC (PPAI 242148), Tangerine Promotions, Ltd. (PPAI 439779) and Public Identity, Inc. (PPAI 230372). The news release also noted that Jamaica has been identified as the location for the company’s next expansion for Office Gurus, its remote staffing segment, but no timeframe was provided.
Q2 net income was $3.8 million, or $0.25 per diluted share, compared with $4.3 million, or $0.29 per diluted share, for the same quarter last year. Earnings in the second quarter of 2018 were reduced by a pre-tax charge of approximately $1.6 million or approximately $.08 per diluted share for expenses associated with the acquisition of CID Resources, Inc.
“Over the last year, we completed three acquisitions that have us positioned for significant improvement in our future growth prospects for both net sales and earnings,” says Michael Benstock, CEO. “We are highly focused on successfully integrating these acquisitions to achieve the maximum long-term benefits for the company and its shareholders. While our current operating results in our uniform segment and our promotional segment were lower than anticipated, we remain confident in our long-term outlook and believe our current investments in these segments will provide significant returns for the company in the future.
“The Office Gurus, our remote staffing segment, had another tremendous quarter with net sales to outside customers increasing by $2.3 million, or 50.6 percent, as they continue to land new customers and to grow with existing customers.”