About Superior Group of Companies, Inc.
Superior Uniform Group works to keep its business all sewn up. The company makes work clothing and accessories for US employees in several industries. The apparel firm designs, makes, and markets uniforms for employees in the medical and health fields, as well as those who work in hotels, fast food joints and other restaurants, and public safety, industrial, and commercial markets. About half of its products are sold under the Fashion Seal brand. The company also makes and distributes specialty labels, such as Martin's, Worklon, Blade, and UniVogue. Chairman Gerald Benstock and his son, CEO Michael, run company, which began as Superior Surgical Mfg. Co. in 1920.
The company operates its business through two reportable segments: Uniforms and Related Products (97% of sales) and Remote Staffing Solutions, which includes The Office Gurus and TOG, an affiliate firm that offers cost effective bilingual telemarketing and office support services.
From its headquarters in Florida, Superior Uniform serves to outfit companies and customers nationwide, boasting manufacturing operations overseas. Suppliers in Central American typically produce more than 50% of the company's products. It operates in El Salvador, Costa Rica, and the US through its The Office Gurus businesses and an affiliate entity in Belize, added to its operations at the end of 2012.
Due to a boost in market penetration, Superior Uniform logged a 6% net sales increase in fiscal 2012 as compared to 2011 across its Uniforms and Related Products unit and 9% from its Remote Staffing Solutions. Net income for the same reporting period declined 27% due to the rising cost of goods sold -- primarily related to cotton shortages in the Uniforms and Related Products business -- and increasing payroll-related costs across the Remote Staffing Solutions segment.
Demand for Superior's uniforms and service apparel largely depends on the health of the economy. The economic downturn in the US negatively impacted the uniform supplier's customers, who closed locations, reduced headcounts, or eliminated uniforms to save money.
In addition to the challenging economic climate, the dramatic rise in cotton prices has the potential to pinch Superior Uniform's profit margin. While the company has been able to compensate for its higher materials costs by raising prices, it warns at times that gross margins could be negatively impacted.
Mergers and Acquisitions
In March 2016 Superior Uniform acquired BAMKO, Inc., a Los Angeles-based merchandise sourcing and promotional products company. It acquired BAMKO and its China, Brazil, and England subsidiaries, as well as an India affiliate, for $15.8 million in cash. BAMKO's products complement Superior Uniform's; however, the acquisition expands the company's presence in China and India, particularly its branded merchandise and promotional product offerings. Superior Uniform operates BAMKO as a subsidiary.
10055 SEMINOLE BLVD
Seminole, FL 33772-2539
Phone: 1 (727) 397-9611
Employer Type: Publicly Owned
Stock Symbol: SGC
Stock Exchange: , NASDAQ
CEO: Michael Benstock
COO, CFO, and Treasurer: Andrew D. Demott
Chairperson: Sidney Kirschner
Employees (This Location): 277
Employees (All Locations): 2,906