Jerash Holdings reports Q4 net loss of $2.0M; revenue down 23.2% to $23.8M

Fiscal 2023 fourth quarter revenue was $23.8 million, down 23.2 percent from $30.9 million in the same period last year, primarily due to lower sales from two major U.S. customers. Revenue also was negatively impacted by approximately $3 million of orders, with shipments being deferred by customers to the fiscal 2024 first quarter. Gross profit was $2.5 million for the fiscal 2023 fourth quarter, compared with $4.7 million in the same quarter last year. Gross margin for the most recent fourth quarter decreased to 10.3 percent, from 15.1 percent in the same period last year. The decrease in gross margin was primarily driven by a lower proportion of U.S. orders and a product mix shift. Operating expenses totaled $4.3 million in the fiscal 2023 fourth quarter, compared with $4.6 million in the same period last year. The slight decrease was due to smaller stock-based compensation expenses in fiscal 2023. Operating loss was $1.8 million for the fiscal 2023 fourth quarter, compared with oper

Fiscal 2023 revenue decreased slightly to $138.1 million, from $143.4 million in fiscal 2022. Despite receiving orders from new customers during the year, the added revenue was not enough to offset the shortfall in sales from certain existing customers. Gross profit in fiscal 2023 totaled $21.8 million, compared with $27.3 million in fiscal 2022. Gross margin was 15.8 percent in fiscal 2023, compared with 19.1 percent in fiscal 2022. Operating expenses in fiscal 2023 were $17.4 million, compared with $16.8 million in fiscal 2022. Operating income decreased to $4.4 million in fiscal 2023, from $10.5 million in fiscal 2022. Net income amounted to $2.4 million, or $0.19 per share, in fiscal 2023, compared with $7.9 million, or $0.67 per share, in fiscal 2022.