Florida-based Superior Uniform Group Inc. (asi/339857), whose holdings include distributor BAMKO (asi/131431), has reported its Q1 2017 net sales were $61 million, a year-over-year increase of 5.2%. The rise in revenue marks the 18th consecutive quarter of gains.
Net income for the first quarter this year was $3.8 million, or $0.26 per diluted share. According to CEO Michael Benstock, Superior’s numbers could have been stronger if not for two factors: first, one of the firm’s large customers was acquired by one of their competitors during 2016 which used a different uniform provider; secondly, several Superior accounts pushed back “significant” programs into the second quarter. Superior’s cause was strengthened, though, by the inclusion of a full quarter of sales from BAMKO in Q1 of 2017.
While it specializes in uniforms and remote staffing, Superior expanded its offerings in promotional products with the 2016 acquisition of BAMKO. Benstock has said he wants Superior to become “a dominant player” in the promo products space.
In its initial Q1 release, Superior Uniform did not provide a specific revenue outlook. Previously, the company said it expects 8% growth over the next three to five years, bolstered by a sharp rise in promo product sales. “Our pipeline is strong and our outlook remains positive in spite of all the noise and political distractions,” the company said in its earnings statement. “Our teams remain focused on the long-term, and we continue to demonstrate our ability to make appropriate changes to our business model to increase shareholder value.”