BAMKO (asi/131431) has engineered another year of sales growth amid the COVID-19 pandemic.

The Los Angeles-headquartered Top 40 promotional products distributor reported Wednesday, March 9, that its total global sales for 2021 increased by 6.8% over 2020 to $215.8 million. The company also orchestrated an annual sales increase in 2020, when COVID-19 impacts upon the promo marketplace were at their height.

Jake Himelstein, BAMKO

Word on BAMKO’s 2021 North American promo sales in particular, which ASI Media uses to determine Top 40 rankings, were not available. The company generates the majority of its business here.

Notably, BAMKO said it drove the 2021 sales rise through a $77.4 million increase in its core branded merchandise business. The gain was partially offset by a $63.7 million year-over-year reduction in sales of personal protected equipment (PPE).

PPE sales dropped in 2021 not just for BAMKO but also for the promo products industry in general as demand waned amid the changing dynamics of the pandemic and as the supply lines of traditional PPE providers caught up to accommodate demand.

BAMKO President Jake Himelstein said that the exponential growth in BAMKO’s mainstay branded merch business is telling about the direction the company is headed, and especially notable given what was an anticipated drop-off in PPE business.

“As impressive as our 2020 growth was, I think 2021 is an even more impressive growth story because of the sustainability of the revenue we added last year,” Himelstein said.

BAMKO noted that its order backlog at the end of 2021 was $74.3 million, made up of $2.7 million in PPE and $71.6 million in non-PPE. The tally marks the largest backlog in the company’s history and was a result of massive bookings of promo products business in the fourth quarter of 2021. The orders are delivering in 2022, providing an outstanding foundation for further growth, executives said.

“There are a number of things that we’ve done correctly the last couple years that are worth being proud of,” asserted Himelstein. “We were early to see the PPE opportunity and had the sales and operational excellence to capitalize on it. We then used the windfall from that success to reinvest in the business in a way that made us a better, more capable and more competitive company. The result of that strategy was the exceptional growth in our core business in 2021. We intend to continue to invest in talent, technology, resources and capabilities.”

BAMKO’s 2021 performance was announced as the firm’s parent company, Superior Group of Companies, reported its 2021 financial results. Superior’s net sales across all its divisions (promo and beyond) rose 2% annually to $537 million.

Superior’s total company net income for 2021 was $27.2 million, or $1.69 per diluted share, compared to $41 million, or $2.65 per diluted share, in 2020. The decline in earnings came despite the rise in sales due, in part, to inflationary pressures across Superior’s business divisions. The firm believes stronger sales and earnings results lie ahead thanks to growing strength in its core businesses.*

Based on reported 2020 North American promotional product revenue of $193.9 million, BAMKO ranked 11^th on Counselor’s most recent list of the largest companies in the industry.

*Correction*
After releasing its financial results on March 9, Superior Group of Companies subsequently announced that it had made an error. Correcting that error resulted in Superior revising aspects of its report, including net income and earnings. The company reported March 23 that net income for the fiscal year 2021 was $29.4 million, or $1.83 per diluted share.