The U.S. Postal Service reported a net loss of $1.7 billion in the third quarter, placing the blame on the 2022 Postal Service Reform Act which was billed as a way to help provide relief for the USPS from the burden of unfunded retiree healthcare benefits. Parcel volume, which had been ticking up quarter by quarter at the USPS for several years, fell 2.3% to 1.7 million pieces, after dropping 5% in Q2.
Softer-than-expected holiday sales drove Walmart’s Q4 2019 earnings below expectations, but strong ecommerce and online grocery sales provided buoyancy and optimism for the year ahead. U.S. ecommerce sales grew 35%, fueled largely by grocery pickup and delivery, propelling walmart.com to its highest quarterly growth of the year.
FedEx reported revenue was up 4% and net income up 141% for the fourth quarter ended May 31.
The Wet Seal announced ecommerce sales were flat for the second quarter, according to a release. The retailer reported $120.5 million in net sales, an increase of 6.0% from last year.
2Q13 Highlights: – Total revenue increases 14.1%, includes Super Supplements – Comparable store sales grew 2.3% – E-commerce revenues increased 18.5%, 8th consecutive quarter of double-digit growth – Fully diluted EPS of $0.60 – Opened 10 new stores.