US uniforms manufacturer SGC posts 40% sales jump to $527 mn in FY20

03 Mar '21

2 min read

Pic: Superior Group of Companies

Superior Group of Companies (SGC), a US-based manufacturer of uniforms, posted 40 per cent sales growth to $526.7 million during fiscal 2020 ended on December 31, 2020 compared to sales of $376.7 million in the prior fiscal. Net income for the year rose to $41.0 million (FY19: $12.0 million), whereas pretax income was $15.9 million ($4.0 million).

“While the pandemic made 2020 very challenging, we are very proud and grateful that our teams in all segments responded so strategically and collaboratively to the adversity which produced record setting results for our shareholders. We continued to benefit from our successful pivot to supplying a wider array of personal protective equipment (PPE) during the fourth quarter,” Michael Benstock, chief executive officer at SGC said in a press release.

Cost of goods sold during FY20 rose to $337.9 million ($247.7 million). Selling, general and administrative expenses increased to $136.5 million ($107.2 million).

“Sales at Bamko, which comprises our promotional products segment, 88 per cent for the year, eclipsing $202 million. Sales at The Office Gurus, our remote staffing segment, returned to pre-pandemic growth levels with 18 per cent growth. Sales in our Uniform Segment also grew 21 per cent for the year,” Benstock said.

“While we have no certainty as to how the pandemic will impact our customers in the future, we are fully prepared to meet the challenges that might face us. We have made the proper investments in our people, technology and product development, and we continue to do so at an accelerated pace when needed,” Benstock added in the release.

Fibre2Fashion News Desk (JL)

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