Business
Superior Group of Companies, Inc. Reports Operating Results for the First Quarter Ended March 31, 2020
Net Sales increased 8.9 percentEarnings per Share (Diluted) increased 37.5% SEMINOLE, Fla., April 30, 2020 (GLOBE NEWSWIRE) -- Superior Group of Companies,
About this update from Superior Group Of Companies, Inc.
[{"type":"text","content":"Net Sales increased 8.9 percentEarnings per Share (Diluted) increased 37.5% SEMINOLE, Fla., April 30, 2020 (GLOBE NEWSWIRE) -- Superior Group of Companies, Inc. (NASDAQ: SGC), today announced its first quarter operating results for 2020.\n The Company announced that for the first quarter ended March 31, 2020, net sales increased 8.9 percent to $94.2 million, compared to first quarter 2019 net sales of $86.6 million. Pretax Income was $4.6 million compared to $3.0 million in 2019. Net income was $3.4 million or $0.22 per diluted share compared to $2.4 million or $0.16 per diluted share for the first quarter of 2019. Michael Benstock, Chief Executive Officer, commented, “Under normal circumstances, this earnings release would talk about how pleased we are to report the strong operating results that we had in the first quarter with sales up nicely at 8.9% and earnings per share up 37.5% as we continue to execute against our long-term growth strategies. However, these are not normal times. While the COVID-19 pandemic only had a moderate impact on our operating results the last few weeks of the first quarter, it is expected to have a much more significant impact as we move forward. On the positive side, our healthcare uniform business is experiencing a tremendous surge in demand to support the increased requirements to outfit an ever-increasing number of healthcare workers on the front lines of the battle against the Coronavirus. Additionally, demand remains strong in the portion of our HPI business that supports businesses designated as essential such as grocery, big box retailers and pharmacy customers. These increases in demand are being offset by significant slowing in the dining, entertainment, lodging and transportation markets. “In our promotional products segment, marketing budget reductions and event cancellations have impacted the entire branded merchandise industry, which is significantly event driven. A prolonged moratorium on events and a reduction of in-store promotions will negatively impact our operating results in this segment as we move forward. However, our BAMKO team, utilizing our strong sourcing network and resources has been instrumental in sourcing much needed personal protective equipment (PPE) that many customers have been asking for, filling a critical need during this crisis and helping to offset a signifi...