Fedex (FDX) released numbers and confirmed that the economy is slowing down. The cost of fuel is up and business is tough. To those who are surprised well what can we say? They are struggled with the Kinkos thing and are rebranding it as Fedex Office. Non cash write downs now. Cash costs attributable to rebranding soon to appear. Management rightfully notes that the cost of fuel is up dramatically. Q4 comparable comparisons indicate a 53% increase. Year over year shows 28%. They claim to fuel surcharge customers but appear to be unable to stem the flow of red ink.
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[Source: The Money Blogs]
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