Welcome to our dedicated page for Jerash Holdings (US) news (Ticker: JRSH), a resource for investors and traders seeking the latest updates and insights on Jerash Holdings (US) stock.
Jerash Holdings (US), Inc. (symbol: JRSH) is a prominent manufacturer and exporter of customized, ready-made sportswear and outerwear, catering to globally recognized brand-name retailers. Founded in 2016 and headquartered in Fairfield, New Jersey, Jerash operates through its extensive production facilities located in Jordan.
The company offers a diversified product line that includes jackets, polo shirts, t-shirts, pants, and shorts, all made from high-quality knitted fabric. Jerash’s clientele features a roster of prestigious retailers such as Walmart, Costco, Sears, Hanes, Columbia, Land's End, VF Corporation (including brands like The North Face, Timberland, and Vans), New Balance, G-III (licensor for Calvin Klein, Tommy Hilfiger, DKNY, and Guess), American Eagle, and Skechers.
Jerash consistently strives to achieve significant milestones and maintain a robust financial condition. Notably, their joint venture with Busana Apparel Group is making headway, targeting geographical diversification for global brands to Jordan, leveraging duty-free agreements. The venture is anticipated to commence production in the latter half of the current fiscal year. Additionally, Jerash is engaging with a leading entity in sustainable textile dyeing technology to introduce environment-friendly processes that significantly reduce water and carbon footprints.
Despite recent economic challenges, including a decline in fiscal 2023 fourth-quarter revenue by 23.2% to $23.8 million, Jerash remains resilient. Factors such as the decreased orders from major U.S. customers and shipment deferrals have impacted revenue. However, the company’s proactive measures, such as diversifying its customer base and developing newly acquired property, underscore its commitment to growth and adaptation.
For financial stability, Jerash reported $19.4 million in cash and restricted cash, with $42.8 million in net working capital as of March 31, 2023. Their consistent performance is also reflected in regular quarterly dividends and share repurchase programs.
Looking ahead, Jerash aims to fortify its market position through innovative collaborations, sustainable practices, and expanding its high-profile customer base.
Jerash Holdings (NASDAQ:JRSH) reported its fiscal 2023 Q2 results, revealing a revenue decline to $37.8 million, down from $45.7 million a year earlier, attributed to shipment postponements amid a slowing economy and high inventory levels. Gross profit also decreased to $6.9 million, with a gross margin of 18.3%. Despite these challenges, Jerash plans to expand its customer base and has partnered with Busana Apparel Group for a joint venture expected in 2023. The company forecasts Q3 revenue between $33 million to $35 million, indicating a conservative outlook.
Jerash Holdings (JRSH) has declared a quarterly dividend of $0.05 per share, payable on November 28, 2022, to stockholders recorded by November 18, 2022. The company specializes in manufacturing and exporting sportswear and outerwear for major brands like Walmart, Costco, and New Balance. With approximately 5,000 employees and an annual production capacity of 14 million pieces, Jerash operates six factories and four warehouses. This dividend reflects the company's ongoing commitment to return value to its shareholders.
Jerash Holdings (JRSH) will announce its fiscal 2023 second quarter financial results on November 10, 2022, before market opening. The company, which specializes in manufacturing and exporting custom sportswear for major brands, is hosting a conference call at 9:00 a.m. ET the same day. Listeners can access a live webcast on its investor relations website, with an archive available for one year. The firm employs around 5,000 people and has a production capacity of approximately 14 million pieces annually.
Jerash Holdings (NASDAQ:JRSH) held its annual meeting of stockholders on September 15, 2022, where all submitted items were approved. The key decisions included the election of five directors for one-year terms: Sam Choi, Kitty Yang, Ibrahim Saif, Bill Korn, and Mak Chi Yan. Additionally, Friedman LLP was ratified as the independent public accounting firm for the fiscal year ending March 31, 2023. Jerash manufactures custom sportswear and outerwear for notable global brands, employing over 5,500 people.
Jerash Holdings (NASDAQ:JRSH) announced that CFO Gilbert Lee will participate in Lake Street Capital Market's 6th Annual Best Ideas Growth Conference in New York on September 15, 2022. The event provides an opportunity for management to conduct one-on-one meetings with investors. Jerash manufactures and exports custom sportswear and outerwear for notable brands including VF Corporation, New Balance, G-III, American Eagle, and Skechers. The company operates six factories and four warehouses, employing approximately 5,800 people.
Jerash Holdings (NASDAQ:JRSH) has completed the acquisition of a 71,000 square-foot factory in Amman, Jordan, for $2.7 million. This facility houses the recently acquired MK Garments factory, which Jerash has been operating since August 2021. With this purchase, Jerash strengthens its manufacturing capabilities, catering to brands like The North Face, New Balance, and Calvin Klein. The company currently employs approximately 5,800 employees across its existing facilities, enhancing its footprint in the garments industry.
Jerash Holdings (NASDAQ:JRSH) will release its fiscal 2023 Q1 financial results on August 11, 2022, prior to market opening. An investor conference call is scheduled for the same day at 9:00 a.m. ET, accessible via phone and a live webcast. The company specializes in manufacturing and exporting ready-made sportswear and outerwear for renowned brands like VF Corporation, New Balance, and American Eagle, operating six factories and employing around 5,700 people. Further details can be found on their website.
Jerash Holdings (NASDAQ:JRSH) announced a partnership with Skechers, adding them as a key customer for their custom apparel production. The initial contract involves manufacturing approximately 500,000 women's polos annually, starting in Q3 2022. This expansion reflects Jerash's strategy to diversify its customer base and enhance its reputation as a premium garment manufacturer in Jordan. The company is well-positioned to take advantage of regional production shifts due to rising costs and tariffs in the Far East.
Jerash Holdings (JRSH) reported a 58.9% increase in revenue to $143.4 million for fiscal 2022, with net income rising 90.8% to $7.9 million, or $0.67 per share. Fourth quarter revenue also grew 30.1% to $30.9 million, although gross margin fell to 15.1% due to lower jacket orders and higher shipping costs. The company anticipates first quarter revenue for fiscal 2023 to be between $33 million and $35 million, but expects continued margin pressures.
Jerash Holdings (NASDAQ:JRSH) will announce its financial results for the fiscal year ending March 31, 2022, on June 23, 2022, before market opening. An investor conference call is scheduled for the same day at 9:00 a.m. ET. Jerash manufactures and exports custom sportswear and outerwear for major global brands, employing approximately 5,700 individuals across six factory units and four warehouses.
Live and archived webcasts will be accessible through the investor relations section of its website.
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