Superior Group of Companies (SGC), a US based brand builder of apparel products, posted 8.9 per cent sales growth to $94.2 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to sales of $86.6 million in same period prior year. Net income during the quarter were $3.4 (Q1 FY19: $2.4 million). Pretax income were $4.6 million ($3.0 million).
“While the Covid-19 pandemic only had a moderate impact on our operating results the last few weeks of the first quarter, it is expected to have a much more significant impact as we move forward,” Michael Benstock, chief executive officer at SGC said in a press release.
On the positive side, our healthcare uniform business is experiencing a tremendous surge in demand to support the increased requirements to outfit an ever-increasing number of healthcare workers on the front lines of the battle against the Coronavirus.”
“In our promotional products segment, marketing budget reductions and event cancellations have impacted the entire branded merchandise industry, which is significantly event driven,” Benstock said.
However, our Bamko team, utilising our strong sourcing network and resources has been instrumental in sourcing much needed personal protective equipment (PPE) that many customers have been asking for, helping to offset a significant amount of the negative impact in revenues.”
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