Domestic imports logged a 7.2% month-on-month increase in January, much higher than expected based on figures from the past six years, according to U.S. Census data as analyzed by global logistics and supply chain firm Descartes, yet still lagged behind pre-pandemic levels by a small margin. The NRF near-term outlook was less rosy.
UPS reported fourth-quarter revenue that fell short of expectations but earnings ahead of the consensus, while the outlook for 2023 appears challenged and the company is in margin protection mode against falling volumes and other volatility. And CEO Carol Tome optimistically predicted a “win, win, win” outcome with the Teamsters.
Activist investor Hestia Capital has proposed a majority slate of seven directors to replace current board members at Pitney Bowes, citing poor performance and what it termed strategic missteps over the past decade, with the company responding that Hestia is not interested in a good faith discussion.
FedEx Ground plans to cut back Sunday delivery from 80% U.S. coverage to 50% starting in March, as it faces lower volume and the high cost of service on a light day. The company initially cut back Ground service on Sunday to 50% coverage from 95% in August, citing a focus on “improving efficiency and reducing costs,”
The three major parcel carriers had a decent peak holiday season in terms of on-time performance, with service levels comparable to 2019, according to ShipMatrix, not surprising as volumes were lighter even though holiday sales increased, as many shoppers returned to stores. FedEx saw a significant improvement over its 2021 showing.
