If the decline in Fedex’s earnings is not an indication that the marginal consumer is tapped out, I don’t know what is.
…Fedex stock tumbled as much as 11% after hours when it cut the top end of its full-year profit outlook and reported quarterly earnings below expectations on softer demand for package deliveries.
The company said that Q1 results were negatively affected by a mix shift, which reduced demand for priority services, increased demand for deferred services, and constrained yield growth. In addition, higher operating expenses and one fewer operating day negatively affected the quarter’s results.
Hat tip: Neil
I can fix this. Present legislation to pay FedEx to employ a portion of their air fleet to return illegal aliens to their country of origin in bulk.
You’re welcome.
It’s not like refugees from the shithole world need luxuries like windows or seats.
Or floors
Finally, a positive use of my tax dollars
Biden/Harris avoid blame for the economy by making everyone realize they are too stupid to know anything about the economy.
Seems to work… the saps want more of the same…
It’s scary to think about what it would take to wake up idiot voters since poverty, violence, inflation, war, opioid deaths, unemployment, open borders, rape and murder doesn’t seem to bother them.
See what happens when you kick CERB to the curb!
Now that’s what I call a-CERB-ic wit!
It may also be that Amazon, Walmart and other big box shippers are using in house contractors
I think you’ve hit the mark, Accomack.
Amazon is building warehouses all over the place and they have an amazing stock of items commonly ordered and ready to throw on a truck for next day or 2-day delivery if they have to get the item from a nearby warehouse. And it’s all via Amazon trucks. Much the same for Walmart, too.
Amazon was using UPS and FedEx at the start, which was a big boost to those carrier’s revenue. Then Amazon embarked on a program to cut out those carriers and deliver everything themself.
FedEx will continue to contract back to its core competency, minus the losses from economic slowdown – and settle into business more akin to pre-Amazon levels.
FedEx is also getting cut out of the overnight legal document delivery business as more banks accept scanned documents with e-signatures. That’s a fairly big deal.
FedEx has a tough road ahead even in good economic times.