SGC Q3 FY20 sales jump 43% to $128 mn

Superior Group of Companies (SGC), a US-based brand builder of apparel products, posted 43 per cent sales growth to $127.8 million in its third quarter (Q3) FY20 ended on September 30, compared to sales of $89.5 million in same period prior year. Net income during rose to $9.9 million (Q3 FY19: $3.9 million). Pretax income was $12.1 million ($4.6 million).

 

“Our third quarter continued the robust momentum of the first half of the year. Our pre-existing strategy of selling to a diverse range of customers remains in place and bodes well for our future, especially as we continue to provide products and services to many essential businesses in all of our SGC segments,” Michael Benstock, chief executive officer at SGC said in a press release.

 

Cost of goods sold during Q3 FY20 rose to $80.2 million ($58.0 million). Selling, general and administrative expenses increased to $34.9 million ($25.2 million).

 

“Both our uniform and promotional products segments have strong opportunity pipelines and backlogs. The Office Gurus segment continues to grow, including by leveraging its work from home solution to increase capacity,” Benstock said. “While we do not generally provide guidance on individual quarters or years, we are confident that we will continue to see significant increases in our net sales and income in comparison with prior year periods for the balance of the year.”