Business
Superior Group of Companies, Inc. Reports Operating Results for the First Quarter Ended March 31, 2022
Compared to the first quarter 2021: Net Sales increased by 21.8% excluding PPE salesThe Office Gurus net sales increased 39.7%BAMKO net sales increased 38.3%
About this update from Superior Group Of Companies, Inc.
[{"type":"text","content":" Compared to the first quarter 2021: Net Sales increased by 21.8% excluding PPE salesThe Office Gurus net sales increased 39.7%BAMKO net sales increased 38.3% excluding PPE sales SEMINOLE, Fla., May 04, 2022 (GLOBE NEWSWIRE) -- Superior Group of Companies, Inc. (NASDAQ: SGC), today announced its first quarter operating results for 2022. The Company announced that for the first quarter ended March 31, 2022, net sales increased 1.9% to $143.6 million, compared to first quarter 2021 net sales of $140.8 million. Pretax Income was $6.7 million compared to $13.2 million in the first quarter of 2021. Net income was $5.2 million or $0.32 per diluted share compared to $10.5 million, or $0.66 per diluted share for the first quarter of 2021. Michael Benstock, Chief Executive Officer, commented, “Our promotional products segment and our remote staffing solutions segment continued their remarkable growth rates during the quarter. Additionally, we are excited about our recently announced plans to expand our call center operations to the Dominican Republic. Uniforms and related products reported growth in net sales of 5.6 percent, excluding the impact of PPE sales and in the face of continuing global supply chain disruptions. We have been very pleased with the integration of our branded uniforms and branded merchandise sales forces, and this strategy is on pace to drive meaningful growth opportunities. We have already won a number of opportunities that will contribute to the growth of the uniform segment in the latter part of 2022 and increase our pipeline of opportunities as well. As a result of the success of this initiative, as well as the natural fit between our branded uniforms and promotional products businesses, we are moving forward with a more complete integration of these two businesses. We continue to see increasing opportunities for growth across all of our core businesses and are confident that our growth strategy will provide long-term value to our stakeholders. “The 2021 first quarter was the last quarter to include a large volume of PPE sales with these sales totaling almost $26.8 million compared to only $11.8 million for the last 3 quarters of 2021 combined. While our sales growth in the first quarter was more than sufficient to offset the significant decline in PPE sales, it should be noted that PPE sales required much less ...