Superior Uniform Group Reports Net Sales Up 25 Percent In First Quarter 2016
Superior Uniform Group, Inc. (UPIC: SUGASI) announced today its net sales grew 25.1 percent in first quarter 2016 to $58 million. During the same quarter of 2015, the Seminole, Florida-based distributor posted net sales of $46.3 million. Net income was also up, registering $2.3 million in first quarter 2016 compared to $2 million for the same period in 2015. Net income for the quarter ended March 31, 2016 was reduced by pre-tax expenses related to its March 1 acquisition of Los Angeles-based distributor BAMKO (UPIC: Bamko783) of approximately $0.9 million.
Michael Benstock, CEO, says, “We are very pleased to report our 14th consecutive quarterly sales increase, with net sales up 25.1 percent in the first quarter of 2016. BAMKO contributed net sales of $3.8 million in the first quarter from the March 1, 2016, effective date of the acquisition. Net sales increased by 16.9 percent excluding the impact of BAMKO. … The transition for BAMKO is proceeding very well at this point. They are experiencing positive sales momentum. Their net sales for the full first quarter, including the two months prior to the acquisition, were approximately $10.4 million in 2016 as compared to $7.1 million in the prior year first quarter.”
Superior Uniform Group’s Uniforms and Related Products segment saw its net sales increase by 15.7 percent in the first quarter of 2016 compared to the same period in 2015. The company also reports significant growth in its Remote Staffing Solutions segment, where net sales to outside customers have grown by 36.2 percent.
Benstock adds, “Our strong financial position allows us to take advantage of opportunities like the BAMKO acquisition as they arise without constraining our ability to invest in the future of our other businesses. We will continue to seek accretive acquisitions in the future to supplement our continued growth.”