Superior Group of Companies, Inc. reported a consolidated net sales increase of 4.1% for the fiscal year ending December 31, 2024, reaching $565.7 million, compared to $543.3 million in 2023. The growth was driven by all three of its business segments: Branded Products, Healthcare Apparel, and Contact Centers, which saw increases of 3.1%, 4.7%, and 6.0%, respectively. The company also achieved a net income of $12.0 million, a 36.8% increase from the previous year's $8.8 million, attributed to higher sales and improved gross margins across its segments.
The Branded Products segment, which accounted for approximately 62% of total net sales, reported a gross margin of $124.7 million, up from $114.6 million in 2023. The Healthcare Apparel segment maintained its sales contribution at 21%, with a gross margin increase to $45.7 million from $42.3 million. The Contact Centers segment, contributing 17% to total sales, also saw a rise in gross margin to $52.2 million from $49.1 million. Overall, the consolidated gross margin improved to $220.6 million, reflecting an 8.4% increase year-over-year.
In terms of strategic developments, Superior Group completed the acquisition of Cormark Inc., doing business as 3Point Brand Management, for $6.4 million on December 4, 2024. This acquisition is expected to enhance the company's capabilities in promotional marketing and branded merchandise. The purchase included $4.0 million in cash, 89,445 restricted shares valued at $1.5 million, and contingent future payments of up to $0.9 million based on performance metrics through December 2027.
Operationally, the company reported a total employee headcount of approximately 7,200 as of December 31, 2024, with the Contact Centers segment employing the largest workforce at around 4,300. The company also noted a decrease in accounts receivable, which fell to $95.1 million from $103.5 million, indicating improved cash flow management. Looking ahead, Superior Group anticipates continued growth driven by strategic initiatives, including the expansion of its product offerings and market presence, while remaining vigilant to potential economic and geopolitical challenges that could impact operations.
About SUPERIOR GROUP OF COMPANIES, INC.
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