BAMKO Posts Q1 Sales of $58.9 Million, Net Sales Growth of 125%
BAMKO reported another quarter of growth, with the Los Angeles distributor posting net sales growth of 124.9% and total sales of $58.9 million for the first quarter of 2021. PPE represented $14.1 million of that total.
The numbers are a continuation of BAMKO's strong 2020, which saw the distributor increase full-year sales by 88% over 2019 despite the pandemic. BAMKO finished with $202 million in sales last year.
Still, Michael Benstock, CEO of Superior Group of Companies (BAMKO's parent organization), made sure to stay grounded amid continuing pandemic-related variables.
“While we are optimistic in our outlook, we, along with other parent companies, are navigating logistical headwinds that originated in shipping ports that are now cascading throughout the transportation and logistics ecosystem,” Benstock said in a statement. “As a result, we ended the quarter with sizable backlogs in both uniforms and our promotional product segments both with and without including the benefit of PPE.”
Benstock previously said that PPE orders were starting to “slow somewhat” in November, and that traditional promotional products segments were picking up.
“We remain enthusiastic and dedicated to continuing with our disciplined, long-term approach,” he said. “It has [yielded] 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.”
For more information on BAMKO, visit www.bamko.net.