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, 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 highlights revenue increased by 58.9 percent to $143.4 million gross margin of 19.1 percent, up 133 basis points, driven by a larger proportion of higher-margin products during the first three quarters operating income increased 94.7 percent to $10.5 million net income increased by 90.8 percent to $7.9 million, or $0.67 per share fourth quarter fiscal 2022 highlights revenue increased by 30.1 percent to $30.9 million gross 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 costs operating income of $275,000 income tax expense of $405,000, due to higher provision for annualized consolidated global tax rates net loss of $130,000, after $312,000 of stock-based compensation expenses, or $0.01 per share fiscal 2023 first quarter outlook revenue for fiscal 2023 first quarter: $33 million to $35 million, up from $29.9 million in the fiscal 2022 first quarter gross 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.
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