Business
Jerash Holdings Reports Financial Results for Fiscal 2022 and Fourth Quarter
FAIRFIELD, NJ / ACESSWIRE / June 23, 2022 / Jerash Holdings (US), Inc. (NASDAQ:JRSH) (the "Company" or "Jerash"), which manufactures and exports custom,
About this update from Jerash Holdings (us), Inc.
[{"type":"text","content":"FAIRFIELD, NJ / ACESSWIRE / June 23, 2022 / Jerash Holdings (US), Inc. (NASDAQ:JRSH) (the \"Company\" or \"Jerash\"), which manufactures and exports custom, ready-made, sportswear and outerwear for leading global brands, today announced financial results for its fiscal 2022 fourth quarter and full year, ended March 31, 2022.Full Year Fiscal 2022 HighlightsRevenue increased by 58.9 percent to $143.4 millionGross margin of 19.1 percent, up 133 basis points, driven by a larger proportion of higher-margin products during the first three quartersOperating income increased 94.7 percent to $10.5 millionNet income increased by 90.8 percent to $7.9 million, or $0.67 per shareFourth Quarter Fiscal 2022 HighlightsRevenue increased by 30.1 percent to $30.9 millionGross margin of 15.1 percent, down 445 basis points, impacted by fewer than expected jacket orders, which carry higher margins, and higher freight and shipping costsOperating income of $275,000Income tax expense of $405,000, due to higher provision for annualized consolidated global tax ratesNet loss of $130,000, after $312,000 of stock-based compensation expenses, or $0.01 per shareFiscal 2023 First Quarter OutlookRevenue for fiscal 2023 first quarter: $33 million to $35 million, up from $29.9 million in the fiscal 2022 first quarterGross margin for fiscal 2023 first quarter: around 18 percent, including expected impact due to recent China shutdown and customer orders with lower margin products\"Revenue for the full year and fourth quarter increased sharply, demonstrating our company's underlying foundational strength and the attractiveness of our manufacturing capabilities to global brands,\" said Sam Choi, Jerash's chairman and chief executive officer. \"However, margins during the fourth quarter were impacted by a shift in product mix, most notably, fewer than expected orders of higher-margin jackets.\"As U.S. retailers currently face the strains of a weaker economic environment due, in part, to inflation, we are focused on expanding our customer base among high-profile global brands. We are pleased that we have already received new orders from our first European-based high-fashion brand, and other new customers are in the pipeline. Our factories are fully booked through December,\" Choi added.Gilbert Lee, chief financial officer of Jerash, said, \"While revenue continues to gr...