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🚛 Last week, U.S. Express laid off 5% of its corporate staff.
The Chattanooga, Tennessee-based trucking giant claims the layoffs were made in an attempt to cut back on costs after Q1 reports show an almost $9 million loss. This amounted to about 70 layoffs of its 1,400 office employees and no driver, service center, or maintenance roles were included in the position removals.
Landstar System, a logistics company, shared a mixed bag of results in their recent earnings call, staying optimistic despite a tough market.
FedEx global volume is reportedly down after the Q1 update, says President and CEO Raj Subramaniam.
Retailers are struggling with excess inventory and rushing to get it off the shelves before the holiday season.
This growth is spurned by growing commodity prices among inflation concerns and is expected to slow substantially in the 2022 Q2 findings.
Apparel company Abercrombie & Fitch's Q1 freight costs were over $15 million more than what was predicted.
The Chattanooga, Tennessee-based trucking giant claims the layoffs were made in an attempt to cut back on costs.
Target & Walmart reported earnings this week and cited inflation as the primary reason for rapidly increasing costs.
Regardless of Wall Street’s bet on the retail company, Target revealed a 52% profit decline in Q1.
Expectations are that the earnings will show an increasing product demand, but consistent ongoing supply chain issues and skyrocketing rates of cash output.
Its total revenue increased by 33% to $3.49 billion from $2.62 billion the previous year.
XPO Logistics started 2024 on a high note, surpassing first-quarter forecasts and demonstrating robust financial performance.