Top 40 distributor 4imprint (asi/197045) increased its North American promotional products sales 41% year over year in 2021 to $773.71 million, according to newly released final full-year financial results.

The London, UK-headquartered firm, which has its main operations in Oshkosh, WI, powered the gain as part of a yearly performance in which total global sales also rose 41%, to $787.32 million (which includes North American sales). 4imprint generated 2021’s additional $13.61 million in the United Kingdom and Ireland.

Paul Moody, 4imprint

For 2021, the company’s profits soared 631%, rising from $3.09 million to about $22.59 million. The performance resulted in earnings per share of more than $0.84, up from around $0.11 the year prior. Operating profit was about $30.65 million, up 672%.

Executives at 4imprint, which operates a direct-to-buyer e-commerce business model for selling branded merchandise, said the firm’s strong 2021 was in significant part a result of its ability to capitalize on returning demand for promo products following the COVID-depressed marketplace of 2020.

“The recovery in [our] financial performance in 2021 has been very encouraging,” said 4imprint Chairman Paul Moody. “Most importantly, it was driven by decisions and actions fully aligned with [4imprint’s] strategy, culture and focus on the sustainability of the longer-term health of the business.”

4imprint’s robust 2021 sales outpaced the industry average. Overall, distributors collectively increased sales by 12% in 2021 to $23.2 billion – a remarkable achievement for a mature industry that, pre-pandemic, typically hovered in low- to mid-single-digit annual growth.

4imprint’s bounce back in 2021 came following a year in which its North American promo revenue plunged 34.5%, worse than the industry performance of a nearly 20% decline for that year. In 2019, 4imprint’s total global sales tallied nearly $861 million, meaning the firm hasn’t yet reached pre-pandemic revenue levels.

Moody expects continued strong performance. “Challenges continue with regard to the ongoing pandemic, supply chain disruption and inflationary pressures,” he said. “However, [4imprint] has a clear strategy and is financially strong. Our business model is flexible and resilient, and our market opportunity remains attractive.”

According to 4imprint, the company added 263,000 new customers in 2021, up from 173,000 the year before. The firm said it carries no debt and has a cash balance of $41.59 million. 4imprint reported processing 1,429,000 orders last year.

The company noted that it’s investing $2 million in 2022 in a solar energy installation that will eventually provide more than 40% of the power its Wisconsin facility currently requires.

Based on 2020 North American promo product revenue of $549.9 million, 4imprint ranked third on Counselor’s most recent list of the largest distributors in the industry. The new rankings are due out in summer.