FedEx (FDX): The delivery company announced cost-cutting measures and rate hikes after warning in preliminary fiscal first-quarter results of weakening demand. FedEx released its fiscal first-quarter results in an 8-K before the close of trading Thursday, sending shares up 0.8%.
The company outlined plans to save up to $2.7 billion in fiscal 2023 and up to $4 billion by fiscal 2025. “We’re moving with speed and agility to navigate a difficult operating environment, pulling cost, commercial, and capacity levers to adjust to the impacts of reduced demand,” FedEx CEO Raj Subramaniam wrote in the release, adding “as our team continues to work aggressively to address near-term headwinds, we’re meaningfully strengthening our business and customer experience, including delivering an outstanding peak.”
FedEx announced its Express, Ground and Home Delivery rates will increase by an average of 6.9% effective January 2, 2023.
Costco (COST): The retail giant reported fiscal…
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