Jerash Holdings reports Q4 EPS (16c) vs. (1c) last year

Reports Q4 revenue $23.8M vs. $30.9M last year. “Revenue and gross margin for the 2023 fourth quarter continued to be impacted by fewer orders from our two major U.S. customers, as well as a shift in product mix to lower margin items. We also are comparing against a particularly strong revenue quarter a year ago,” said Sam Choi, Jerash’s chairman and CEO. “The retail sector continues to face a weak economic environment, as consumers are limiting their spending on higher priced items. On the positive front, our joint venture with Busana Apparel Group is progressing well. Initial feedback from Busana’s global branded customers indicate their keen interest in geographically diversifying production to Jordan from Asia, in part, to take advantage of duty-free agreements with the U.S. and other countries. We anticipate production as part of the joint venture to start in the second half of the current fiscal year. We are continuing to focus on our initiative to diversify our customer base, through our own marketing activities and through our joint venture. As well, we have begun planning the development of property acquired in 2019 to be at-the-ready as market conditions improve,” Choi added.