PromoWire: BAMKO Is Booming
(Editor’s Note: PromoWire by PPAI Media is a running digest of news releases and updates submitted from organizations around the industry. PPAI Media edits these only slightly, including for length, and will consider newsworthy entries from any member organization.)
May 4, 2022
Superior Group of Companies, Inc. Reports Operating Results For The First Quarter Ended March 31, 2022
Compared to the first quarter 2021:
- Net sales increased by 21.8% excluding PPE sales
- The Office Gurus net sales increased 39.7%
- BAMKO net sales increased 38.3% excluding PPE sales
SEMINOLE, Fla., May 04, 2022 — Superior Group of Companies, Inc. (NASDAQ: SGC), today announced its first quarter operating results for 2022.
The Company announced that for the first quarter ended March 31, 2022, net sales increased 1.9% to $143.6 million, compared to first quarter 2021 net sales of $140.8 million. Pretax Income was $6.7 million compared to $13.2 million in the first quarter of 2021. Net income was $5.2 million or $0.32 per diluted share compared to $10.5 million, or $0.66 per diluted share for the first quarter of 2021.
Michael Benstock, Chief Executive Officer, commented, “Our promotional products segment and our remote staffing solutions segment continued their remarkable growth rates during the quarter. Additionally, we are excited about our recently announced plans to expand our call center operations to the Dominican Republic. Uniforms and related products reported growth in net sales of 5.6 percent, excluding the impact of PPE sales and in the face of continuing global supply chain disruptions. We have been very pleased with the integration of our branded uniforms and branded merchandise sales forces, and this strategy is on pace to drive meaningful growth opportunities. We have already won a number of opportunities that will contribute to the growth of the uniform segment in the latter part of 2022 and increase our pipeline of opportunities as well. As a result of the success of this initiative, as well as the natural fit between our branded uniforms and promotional products businesses, we are moving forward with a more complete integration of these two businesses. We continue to see increasing opportunities for growth across all of our core businesses and are confident that our growth strategy will provide long-term value to our stakeholders.
“The 2021 first quarter was the last quarter to include a large volume of PPE sales with these sales totaling almost $26.8 million compared to only $11.8 million for the last 3 quarters of 2021 combined. While our sales growth in the first quarter was more than sufficient to offset the significant decline in PPE sales, it should be noted that PPE sales required much less handling as compared to our core product sales and as a result had a higher operating margin.
“As we mentioned in our last earnings call, we are investing in building our management team to match the tremendous growth that we have experienced over the last two years. While this has a short-term impact of increased expenses, we are confident that this investment will pay significant dividends in our results as we continue to achieve significant revenue growth. Operating margins also continue to be pressured by the impact of supply chain and logistics disruptions, as well as the impact of higher inflation on expenses in general. We remain very confident in our stated goal to consistently achieve operating margins in excess of 10% of revenues by 2024.”
May 3, 2022
Proforma Introduces Its Proprietary eCommerce Certification Program
TAMPA, Fla. (May 3, 2022) – Proforma, the $500 million technology and business success leader, has developed and released ProStores University, the industry’s leading training and eCommerce certification program. This educational series is exclusively available to Proforma Owners and has already gained nearly 4,000 course enrollments.
“Ecommerce is the future of business transactions, and we are committed to empowering our Owners to be the technology solutions leaders in the market,”explained Proforma CEO, Vera Muzzillo. “Ecommerce training and certification provides an advantage to our Owner Network by equipping them with the tools to support their clients’ most ambitious eCommerce goals.”
“ProStores University offers a series of courses that focus on Product, Store, and Workflow understanding and expertise,” noted Doug Kordel, Proforma’s President and General Counsel. “And we are especially proud that this curriculum leads to a proprietary designation as a Certified eCommerce Consultant™.”
“Proforma’s participants in the program will graduate empowered with the knowledge,resources, and support to differentiate themselves in the eCommerce market,” stated Stan Maxwell, Proforma’s Chief Strategy Officer. “Ecommerce continues to explode, and we have the industry’s best platform and the industry’s best network. ProStores University allows our owners and their sales teams to capitalize on the unprecedented opportunities in the current marketplace.”