4imprint (asi/197045), the largest distributor in the North American promotional products industry, reported that its total global sales increased 6% during the first four months of 2024 compared to the same period the prior year.

The London, U.K.-headquartered firm, a publicly traded company that generates the vast majority of its sales in North America, noted in a May 22 trading update that the number of orders it received during the four-month span rose 4%, while average order values increased 2% on an annual basis.

“The group has delivered a solid operational and financial performance in the early part of 2024,” said 4imprint Chairman Paul Moody. “Market conditions remain challenging, but we continue to outperform the overall promotional products industry, leading to further gains in market share.”

The Distributor Quarterly Sales Survey from ASI Research showed that during the first quarter of 2024 – the year’s first three months – industry distributors collectively experienced an average sales decline of 0.9%. Due to concerns about a possible recession (amid still-high interest rates), inflation, a hard-to-read market, and domestic and geopolitical instability, some clients kept the purse strings on their merch budgets more tightly clasped, ending promo’s run of 11 consecutive quarters of annual growth.

Distributors Optimistic Even as Industry Sales Decline in Q1 https://t.co/fLm6kXfg58

— Chris Ruvo (@ChrisR_ASI) May 7, 2024

Moody told investors that 4imprint’s “gross margins have remained strong,” but didn’t provide a specific number. He said the company’s board expects full-year financial performance to be in the current range of analysts’ forecasts, which call for continued growth. Audited financial results for the half-year – January 1 through June 29 – are expected to be released on Aug. 7.

“The board remains confident in the group’s ability to blend good near-term financial results with attractive prospects for significant further organic growth over the medium term,” Moody said.

David Seekings To Retire

4imprint Chief Financial Officer David Seekings has been one of the catalysts for the firm’s success over his nearly 30 years with the business, executives said. He has informed the company that he intends to retire by the end of 2025. An exact date hasn’t been set; it will be determined based on the hiring of a successor and a transition period, according to 4imprint. Seekings is helping to identify his replacement.

David Seekings, 4imprint (asi/197045)

“In due course I will have plenty of time to reflect on my 27-year career with the company and the amazing people that I have had the privilege to work with along the way,” Seekings said. “Right now, however, I remain completely focused on the business and doing all I can to ensure a smooth succession and to help 4imprint to continue its success for many years to come.”

Kevin Lyons-Tarr, 4imprint’s CEO and a member of Counselor’s Power 50 list of promo’s most influential people, told ASI Media that “David has done – and is still doing – a phenomenal job. He’s a tremendous leader and teammate, and has played a very important part in the 4imprint story.” In a statement, Lyons-Tarr noted that Seekings was especially vital in driving the growth of the direct-marketing business.

Based on reported 2022 North American promotional product revenue of about $1.12 billion, 4imprint ranked first on Counselor’s most recent list of the largest distributors in the industry. The new list, based on 2023 revenue performance, will be released this summer.

In 2023, 4imprint increased total global sales by 16% year over year in 2023 to $1.326 billion – an all-time annual high for the firm. While headquartered in the United Kingdom, 4imprint’s main operations are in North America, with its main facility being in Oshkosh, WI. In the North American geographic market in 2023, 4imprint’s sales also rose 16% on an annual basis, tallying $1.3 billion – another company record.