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FedEx Kinko's Expansion to Slow in 2009

Friday, March 28, 2008

Press release from the issuing company

March 27, 2008 - In reporting earnings last week, FedEX reported that revenue for the FedEx Services segment, which includes the operations of FedEx Kinko's and FedEx Global Supply Chain Services, was up 1% year over year.  Revenue generated from new locations and higher package acceptance fees offset lower copy product revenues at FedEx Kinko's.

FedEx Services expenses, which are reallocated to the transportation segments net of revenues, increased year over year due to higher marketing and information technology costs and increased net operating costs at FedEx Kinko's associated with expansion and service improvement activities.

FedEx Kinko's has opened 252 centers fiscal year-to-date as part of its plan to open 300 new centers this year.  Given the weak economic outlook, FedEx Kinko's will significantly slow its rate of expansion in fiscal 2009, to about 70 new locations.




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