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Tuesday, July 23, 2024
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Consumers shift spending from e-commerce to entertainment and services

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fedex Consumers have been seen shifting their spending from e-commerce to entertainment and services.

The company said on Tuesday (June 20), while reporting another drop in package volumes in the latest quarter, Bloomberg reported. Report Tuesday.

FedEx continued to experience weak demand in the quarter ended May 31, with volumes in its Express, Ground and Freight businesses down, the company said Tuesday. earnings release.

FedEx said in a report that demand remained weak across the market in the quarter, although the rate of decline in ground and express shipments improved slightly. promotion meeting Published concurrently with this report.

“This fiscal year’s solid performance demonstrates that the FedEx team has made significant progress in advancing our global transformation while adapting to a dynamic demand environment,” said FedEx President and CEO. rajsubramanim said in the financial statement.

FedEx managed expenses by reducing flight hours, decommissioning aircraft, closing facilities, and managing employee headcount and hours, thereby improving operating margins in the fourth quarter of fiscal 2023, the release said.

Looking ahead, fiscal 2024 revenue is expected to grow flat to low-single digits year-over-year as FedEx continues its cost and efficiency initiatives.

“We are approaching fiscal 2024 with the same intensity, with a continued focus on improving profitability to position the company for success in what remains a challenging demand environment,” said FedEx Executive Vice President and Chief Financial Officer Michael C. Lenz said in the release.

In a separate announcement, FedEx said Tuesday Press release Lenz will retire on July 31 and will serve as a senior advisor until December 31 to help with the transition to his successor.

transformation expenditures Mastercard pointed to the experience in March.

Consumers spent 42.7% more on lodging, 15.6% more on airlines and 14.2% more at restaurants in February compared with a year ago, the company said in its Mastercard SpendingPulse report. %.

The increase in spending outstripped growth in retail sales — including in-store and online sales — which rose 6.9 percent in the same month.

Mastercard said at the time the figures represented spending in nominal terms and had not been adjusted for inflation.

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