A spokesperson provided MBJ with the following statement:
The move comes about two months after FedEx reported disappointing first quarter results that saw revenue fall short of forecasts and operating income drop. Its largest subsidiary, FedEx Express, experienced a quarterly revenue shortfall of about $500 million, relative to company forecasts, and saw its operating income plummet from $567 million to $174 million, a 69% drop.. For example, it’s closing five corporate office facilities and slashing capital expenditures for the year from $6.8 billion to $6.3 billion; and at FedEx Express, it’s set to reduce flight frequencies and temporarily park aircraft.
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