FedEx Corp. (NYSE: FDX), Memphis, Tennessee, has reported sales for the first quarter of fiscal 2020 of $17 billion, down slightly from the same period last year. Net income fell 10.8% to $745 million.
“Our performance continues to be negatively impacted by a weakening global macro environment driven by increasing trade tensions and policy uncertainty,” said Frederick W. Smith, FedEx Corp. chairman and CEO. “Despite these challenges, we are positioning FedEx to leverage future growth opportunities as we continue the integration of TNT Express, enhance FedEx Ground residential delivery capabilities and modernize the FedEx Express air fleet and hub operations.”
Operating results declined primarily due to weakening global economic conditions, increased costs to expand service offerings and continued mix shift to lower-yielding services.
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