February 22, 2018
Superior Uniform Posts 2017 Gains
Florida-based Superior Uniform Group Inc. (asi/339857), whose holdings include distributor BAMKO (asi/131431), has announced its total 2017 net sales increased to $266.8 million, a year-over-year rise of 5.6%. Gains were strengthened in 2017 by 15% organic sales growth in promo products revenue, the company said.
“We are pleased to report we had a strong finish to fiscal 2017, with the fourth quarter marking our 21st consecutive quarter of increasing year-over-year revenue,” said CEO Michael Benstock, in a statement. “Overall, we achieved very strong growth in operating income with earnings before taxes increasing 24.5% in 2017 with a tremendous boost from our sourcing strategies and the further streamlining of our operations.”
According to Benstock, The Office Gurus, Superior’s remote staffing segment, had record growth “with net sales to outside customers increasing over 33.7%” in fiscal 2017. However, Superior’s uniform segment “was mixed,” negatively affected by the loss of a large customer.
Superior 2017 net income was $15 million, or $0.99 per diluted share, versus $14.6 million, or $0.98 per diluted share, for 2016. The company said its 2017 net income was reduced by about $4 million “as a result of increases in our fourth quarter tax provision associated with the enactment of the Tax Cuts and Jobs Act.”
For Q4 2017, Superior reported its total sales increased by 12% to $72.4 million, compared to fourth-quarter sales of $64.7 million a year earlier.
In recent years, Superior has raised its profile in the promo products market, as BAMKO has sought aggressive expansion through acquisitions. In December, BAMKO purchased Top 40 distributor Tangerine Promotions (asi/341609), and last August the firm bought branded merchandise firm Public Identity.