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Superior Group of Companies Inc. (SGC-1.17%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations across its three segments: Branded Products, Healthcare Apparel, and Contact Centers. The Branded Products segment reported net sales of $353.3 million, a 3.1% increase from the previous year, driven by expansion within existing accounts and new client wins.
Healthcare Apparel segment sales increased by 4.7% to $119.2 million, attributed to higher digital sales from wholesale customers and the company's direct-to-consumer website.
The Contact Centers segment saw a 6.0% increase in net sales to $96.9 million, credited to growth from both new and existing customers.
Superior Group of Companies reported a consolidated gross margin of 39.0%, up from 37.5% the previous year, with improvements noted in both the Branded Products and Healthcare Apparel segments.
Selling and administrative expenses increased to 35.3% of net sales, up from 33.9% the previous year, due to increased commissions, employee-related costs, and marketing expenses.
Interest expense decreased by 34.6% to $6.4 million, due to a reduction in weighted average outstanding borrowings and a decrease in the weighted average interest rate.
The company reported net income of $12.0 million, up from $8.8 million the previous year, with EBITDA increasing slightly to $34.1 million.
Superior Group of Companies ended the year with $18.8 million in cash, and management believes that current cash levels, operating cash flows, and credit facility availability will be sufficient to meet capital requirements for the next twelve months.
The filing also notes the acquisition of 3Point Brand Management for $6.4 million, which is expected to enhance the Branded Products segment.
The company continues to focus on managing its operations amid global economic and political conditions, including potential impacts from geopolitical tensions and inflationary pressures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Superior Group of Companies Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.