US: Superior Uniform Q3 profit up 33% as sales slip
Third quarter profit at Superior Uniform Group Inc has risen 33%, even though sales slipped 6.6% as certain uniform and careerwear programmes were postponed and demand from existing customers weakened.
The Seminole, Florida-based manufacturer of uniforms, career apparel and accessories, said net earnings were $1.217m or $.18 per share, up from $912,215 or $.14 per share in the same period last year.
For the three months to 30 September, net sales fell to $31.235m from $33.44m.
Michael Benstock, chief executive officer, said "significant portions of the sales related to new programs…were postponed until the fourth quarter of 2007 and the first quarter of 2008."
He added: "We continue to reap the rewards of our emphasis on reducing operating costs and from improved sourcing of our products. We expect significant improvement in our operating results in the coming periods as these significant new programs ramp up."
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Superior Uniform Group's net earnings for the 2007 fiscal year were US$2.55m, compared to $2.2m for the prior year, despite a downturn in sales....
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