Jerash Holdings (US) Inc. (NASDAQ:JRSH) Q1 2024 Results Conference Call August 9, 2023 9:00 AM ET

Company Participants

Roger Pondel - Investor Relations

Sam Choi - Chairman and Chief Executive Officer

Gilbert Lee - Chief Financial Officer

Eric Tang - Executive Director

Conference Call Participants

Mark Argento - Lake Street Capital

Matthew Hayes - D.A. Davidson

Operator

Greetings. Welcome to the Jerash Holdings Fiscal 2024 First Quarter Financial Results Conference Call. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to your host, Roger Pondel, Investor Relations for Jerash Holdings. You may begin.

Roger Pondel

Thank you, Holly, and good morning, everyone. Welcome to Jerash Holdings Fiscal 2024 First Quarter Conference Call. I'm Roger Pondel with PondelWilkinson, Jerash Holdings’ Investor Relations firm. It will be my pleasure momentarily to introduce the company's Chairman and Chief Executive Officer, Sam Choi; its Chief Financial Officer, Gilbert Lee; and Eric Tang, who leads the company's operations in Jordan.

Before I turn the call over to Sam, I want to remind our listeners that today's call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to numerous conditions, many of which are beyond the company's control, including those set forth in the Risk Factors section of the company's most recent Form 10-K as filed with the Securities and Exchange Commission, copies of which are available on the SEC's website at www.sec.gov, along with other company filings made with the SEC from time to time.

Actual results could differ materially from these forward-looking statements and Jerash Holdings undertakes no obligation to update any forward-looking statements, except as required by law. And with that, it is my pleasure to turn the call over to Sam Choi. Sam?

Sam Choi

Thank you, Roger, and hello, everyone. Our first quarter demonstrated resiliency in a challenging retail environment. Revenue was up slightly, although as expected, profitability was impacted principally by a product mix shift to lower-margin items. Although inflationary pressures and rising interest rates are still having an impact on consumer spending. Retail market trends are showing signs of improvement.

We are starting to receive new inquiries from global brands, including test runs and sample orders.

On the new customer front, Timberland has grown to be a significant global brand for Jerash. Besides Timberland, we are now working on confirming the first batch of orders for Vans branded apparel, also a part of VF Corporation brands. Initial orders are scheduled to be received in mid-August with finished garments to be shifted in the third quarter.