Sportswear-maker Jerash Holdings hits over 3-year low on wider Q4 loss

Jerash Holdings (US)

27/06/2023 18:56

** Shares of sportswear manufacturer and supplier Jerash
Holdings  JRSH.O  drop as much as 10.5% to a more than
three-year low of $3.66
    ** Q4 net loss widens to $1.98 mln, or $0.16/shr, from
$131,310, or $0.01/shr, a year earlier
    ** Q4 revenue down 23.2% at $23.8 mln
    ** Company flags lower demand from two major U.S. brands,
and hit on margins from consumer trade-down to cheaper apparel
options
    ** Maintains revenue outlook for Q1 fiscal 2024 and full
year at similar level as fiscal 2023
    ** Sportswear apparel brands such as Nike  NKE.N  have
resorted to higher discounts to clear inventory
    ** Up to last close, JRSH shares up ~5% YTD

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com;))