Superior Group Of Companies Reports Third-Quarter Sales Growth
Superior Group of Companies, Inc., formerly Superior Uniform Group, has announced that in third quarter 2018, ending September 30, net sales increased 41.4 percent to $95.9 million compared with 2017 third quarter net sales of $67.8 million, and that net income for 2018’s third quarter was $6.1 million, up from $5 million in the same period last year. 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 strategic benefits of our 2017 and 2018 acquisitions remain clear, and we are well positioned for future sales and earnings growth as a result,” says Michael Benstock, CEO. “We remain focused on continuing to successfully integrate these businesses to provide additional sales and operational efficiencies across our company portfolio. We are confident that this strategy will provide long term benefits to our stakeholders.”
The company’s Office Gurus remote staffing segment reported a strong quarter, with sales growth in excess of 35 percent as it expands both through new customer acquisition and existing customer sales. While organic growth within the company’s uniform and promotional products segments was lower than anticipated, the company remains bullish on their long-term outlook. Benstock adds, “We believe our current investments in these segments will provide significant returns for the company in the future.”