Exhibit 99.1

Jerash Holdings Reports Financial Results

for Fiscal 2024 First Quarter

FAIRFIELD, N.J., August 9, 2023 – 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 2024 first quarter, ended June 30, 2023.

“Our first quarter demonstrated the Company’s resiliency in a challenging retail environment. Revenue was up slightly, although, as expected, profitability was impacted, principally caused by a product mix shift to lower margin items,” said Sam Choi, Jerash’s chairman and chief executive officer. “We are beginning to see improvement in the retail market and are receiving new inquiries from global brands, including orders to produce sample products.

“The Initial marketing efforts by our joint venture partner, Busana Apparel Group, to its global customers are being well received. Jerash has begun working on pricing and sample development for more than ten new brands. We anticipate receiving meaningful orders for the joint venture during the fourth quarter of the current fiscal year.

“Additionally, we have been in discussion with one of the global leaders in sustainable textile dyeing technology to form a joint venture to provide vertical integration for our customers. The plan is to bring about a new era of sustainable and innovative textile dyeing process in Jordan, with a proprietary technology that, according to the presentation and information from the potential partner, could result in more than 80 percent water usage reduction and 50 percent carbon footprint reduction from traditional textile dyeing process. The proposed joint venture is expected to benefit our customers through shortening fabric sourcing lead times and will further reduce dependency on suppliers in South East and Eastern Asia,” Choi added.

Fiscal 2024 First Quarter Results

Fiscal 2024 first quarter revenue advanced to $34.7 million, up 3.9 percent, from $33.4 million in the same period last year, reflecting an increase in shipments to some of the Company’s major U.S. customers.

Gross profit was $5.6 million for the fiscal 2024 first quarter, compared with $6.6 million in the same quarter last year. Gross margin for the most recent first quarter decreased to 16.0 percent, from 19.8 percent in the same period last year, principally due to a shift in product mix.

Operating expenses totaled $4.5 million in the fiscal 2024 first quarter, compared with $4.3 million in the same period last year.

Operating income totaled $1.1 million in the fiscal 2024 first quarter, versus $2.3 million in the same period last year.

Total other expenses were $299,000 in the fiscal 2024 first quarter, compared with $28,000 in the same quarter last year. The increase was primarily due to higher interest expenses that occurred from participating in supply chain financing programs of certain customers. Interest expenses were $389,000 in the fiscal 2024 first quarter, compared with $88,000 a year ago.

The effective tax rate amounted to 38 percent for the three months ended June 30, 2023, compared with 25 percent for the three months ended June 30, 2022. The increase primarily resulted from a higher corporate income tax rate in Jordan, higher proportion of the operating loss of the Company’s holding company and Hong Kong subsidiary.

Net income was $495,000, or $0.04 per share, in the fiscal 2024 first quarter, compared with $1.7 million, or $0.14 per share, in the same period last year. Comprehensive income attributable to the Company’s common stockholders totaled $402,000 in the fiscal 2024 first quarter, versus $1.6 million in the same period last year.

Balance Sheet, Cash Flow, and Dividends

Cash and restricted cash totaled $20.1 million, and net working capital was $41.5 million as of June 30, 2023. Net cash provided by operating activities was approximately $25,000 for the quarter ended March 30, 2023, compared with net cash used in operating activities of $473,000 for the same period last year.

On August 4, 2023, Jerash approved a regular quarterly dividend of $0.05 per share on its common stock, payable on August 23, 2023 to stockholders of record as of August 16, 2023.

Outlook

Conference Call

Jerash Holdings will host an investor conference call to discuss its fiscal 2024 first quarter results today, August 9, 2023, at 9:00 a.m. Eastern Time. 

A live and archived webcast will be available online in the investor relations section of Jerash’s website at www.jerashholdings.com.  For those who are not able to listen to the live broadcast, the call will be archived for approximately one year on the website. 

About Jerash Holdings (US), Inc.

Jerash manufactures and exports custom, ready-made, sportswear and outerwear for leading global brands and retailers, including VF Corporation (which owns brands such as The North Face, Timberland, and Vans), New Balance, G-III (which licenses brands such as Calvin Klein, Tommy Hilfiger, DKNY, and Guess), American Eagle, and Skechers. Jerash’s existing production facilities comprise six factory units and four warehouses, and Jerash currently employs approximately 5,000 people. Additional information is available at www.jerashholdings.com.

Forward-Looking Statements

This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect”, “seek”, “potential,” “outlook” and similar expressions are intended to identify forward-looking statements. Such statements, including, but not limited to, Jerash’s current views with respect to future events and its financial forecasts, and expansion of the customer base among high-profile global brands, are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made, including those risks described from time to time in filings made by Jerash with the Securities and Exchange Commission. In addition, there is uncertainty about the further spread of the COVID-19 virus or the occurrence of another wave of cases and the impact it may have on the Company’s operations, the demand for the Company’s products, global supply chains and economic activity in general. These and other risks and uncertainties are detailed in the Company’s filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Statements contained in this news release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Jerash does not intend and does not assume any obligation to update these forward-looking statements, other than as required by law.

Contact: 

PondelWilkinson Inc.  

Judy Lin or Roger Pondel  

310-279-5980; jlin@pondel.com  

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JERASH HOLDINGS (US), INC., AND SUBSIDIARIES

JERASH HOLDINGS (US), INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

JERASH HOLDINGS (US), INC. AND SUBSIDIARIES

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