US uniform manufacturer SGC's Q1 FY21 sales jump 49% to $141 mn

Superior Group of Companies (SGC), a US-based manufacturer of uniforms, has posted 49.4 per cent sales growth to $140.8 million in its first quarter (Q1) FY21 ended on March 31, 2021, compared to the sales of $94.2 million in the same period previous fiscal. The company’s net income for Q1 FY21 rose to $10.5 million (Q1 FY20: $3.3 million).

 

“We are very pleased to report another quarter of exceptional operating results. Our business continues to grow both organically and through strategic acquisitions, even without including the PPE sales related to the pandemic. PPE sales for the first quarter were approximately $26.8 million versus $1.5 million in the first quarter of 2020,” Michael Benstock, chief executive officer at SGC said in a press release.

 

Cost of goods sold during Q1 FY21 rose to $91.8 million ($60.8 million), while selling, general and administrative expenses were $35.1 million ($27.5 million).

 

“We are continuing to book additional PPE sales, but at a significantly slowing rate. Bamko delivered another remarkable quarter with net sales growth of almost 125 per cent, or $32.7 million. PPE sales represented $14.2 million of this growth. The Office Gurus delivered a record quarter with net sales increasing 43.2 per cent after intersegment eliminations in the first quarter as compared to the first quarter last year,” Benstock said.

 

“We remain enthusiastic and dedicated to continuing with our disciplined, long-term approach. It has and we believe will continue to yield sustainable organic growth in both our recurring customer base and with new customers across diverse end markets. We are relentless in our determination to excel, bring higher levels of service to our customers and to create greater shareholder value,” Benstock said in the release.