News July 27, 2017
Superior Uniform Group Posts Quarterly Gains
Florida-based Superior Uniform Group Inc. (asi/339857), whose holdings include distributor BAMKO (asi/131431), has announced that its Q2 sales increased to $65.6 million, a year-over-year increase of 1.5%. The second-quarter numbers mark the 19th consecutive quarter of revenue gains for the firm. In a statement, the company said it is “actively pursuing acquisition opportunities in promotional products and are working through a solid pipeline of candidates,” although the firm did not specify a timeline for any deals.
"Net sales in our uniforms and related products segment increased 1.7% in the second quarter as customer purchases continue to be somewhat stalled, awaiting more clarity in the political arena,” said Michael Benstock, CEO of Superior Uniform. “We are seeing increases in our sales activity with larger volumes of opportunities although they are moving through the pipeline at a slower pace. The Office Gurus, our remote staffing solutions segment, delivered an excellent second quarter, reporting a 28.8% increase in net sales.”
Benstock said BAMKO, which Superior purchased last year, saw a 10% decline in Q2 sales. “As we have stated in the past, BAMKO’s sales will fluctuate more widely on a quarter-to-quarter basis, given the nature of their sales cycle, in contrast with our other segments. We are very confident in the BAMKO team, and we expect sales performance to return to strong double-digit growth in the third quarter,” Benstock said.
In its initial Q2 release, Superior Uniform did not provide a revenue outlook for the remainder of 2017. Previously, the company said it expects 8% growth over the next three to five years, lifted by gains in promo product sales.