Superior Uniform Group Triples First-quarter Profit
Superior Uniform Group Inc., the career apparel supplier based in Seminole, Fla., announced that for the first quarter ended March 31, 2013, earnings were $1,229,000 compared with $327,000 for the first quarter in 2012. Net sales for the 2013 first quarter were $30,985,000, an 8.7 percent increase over 2012's first quarter sales of $28,508,000.
The company attributed the large increase in profit to strong sales and improved margins. The company's remote staffing solutions unit saw a saw increase of 84.3 percent for the period, combined with a 6.8 percent rise in its uniform division. Margins for the company were 35.5 percent, versus 32.8 percent in 2012, due to cotton prices returning to normal after hitting record highs in 2011.
"We have invested significantly in our staffing and infrastructure in our Remote Staffing Solutions segment over the past year," said Michael Benstock, chief executive officer of Superior Uniform Group. "We began reaping the rewards of this effort in the fourth quarter of 2012 with a 55 percent increase in net sales of Remote Staffing Solutions and we are continuing to see accelerated growth in this segment with an increase of 84 percent in net sales of Remote Staffing Solutions in the first quarter of 2013 in comparison with the first quarter of 2012."
"Our financial position remains very strong and has us positioned to make further investments in all of our operations as we continue to pursue acquisitions and other opportunities to accelerate the growth of our business," Benstock said.
For more information, visit www.superioruniformgroup.com.