Business
Jerash Holdings Reports Financial Results for Fiscal Year 2023 First Quarter
FAIRFIELD, NJ / ACCESSWIRE / August 11, 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 / ACCESSWIRE / August 11, 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 year 2023 first quarter, ended June 30, 2022.First Quarter Fiscal Year 2023 HighlightsRevenue of $33.4 million, up 11.9 percent from the same quarter last yearGross profit of $6.6 million, up 17.6 percent from the same quarter last yearGross margin of 19.8 percent, up 100 basis points, from the same quarter last yearNet income of $1.7 million, or $0.14 per share, versus $1.9 million, or $0.17 per share, from the same quarter last yearFiscal Year 2023 OutlookRevenue for fiscal year 2023 second quarter: $41 million to $43 million vs. $45.7 million in fiscal year 2022 second quarterGross margin goal for fiscal year 2023: 16 percent to 18 percent\"Revenue was the highest for any first quarter in Jerash's history, reflecting our reputation as a top-quality garment manufacturer in Jordan and our competitive advantage to attract new global brand customers,\" said Sam Choi, Jerash's chairman and chief executive officer. \"Despite the challenging external retail and general economic environment, we continue to focus on diversifying and expanding our customer base.\"Proceeding into the new fiscal year, retailers are facing headwinds, including inflationary pressures and higher inventory levels. Nevertheless, our factories remain busy, with incoming orders through the end of this calendar year, albeit with a mix shift toward products that command lower average selling prices, along with purchase orders that are generally smaller,\" Choi added.Gilbert Lee, chief financial officer of Jerash, added, \"With the current order flow from existing customers and initial orders from new customers being smaller in nature and taking time to ramp up, we are taking a conservative approach to forecasting revenue growth and margins, particularly in comparison with fiscal year 2022, which saw record high demand in post-COVID re-openings.\"We continue to focus on enhancing our ESG efforts in everything we do, including the construction of a high-quality, energy-efficient, contemporary living space, which is expected to be completed this fall. We plan to move approximately 1,500 of our mult...