FedEx is closing storefronts and corporate offices and putting off new hires to save money
FILE - The FedEx logo is seen on a delivery truck Tuesday, June 21, 2011, in Springfield, Ill. FedEx said Thursday, Sept. 15, 2022, that it is shuttering storefronts and corporate offices while putting off new hires in a belt-tightening drive brought on by drop-off in its global package delivery business.
The company based in Memphis, Tennessee, warned it will likely miss Wall Street’s profit target for its fiscal first quarter that ended Aug. 31. And it said it expects business conditions to further weaken in the current quarter amid weaker global volume.“Global volumes declined as macroeconomic trends significantly worsened later in the quarter, both internationally and in the U.S.,” FedEx CEO Raj Subramaniam said in a statement.
The company scrapped its forecast for its earnings in its current fiscal year that it had issued less than three months ago. Subramaniam noted that he remains confident FedEx will achieve its fiscal year 2025 financial targets.
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