- 15 November 2019
- Transport / Logistics Services
Net losses at the US Postal Service (USPS) have grown by $4.9 billion year on year to $8.8 billion for the financial year ending 30th September 2019. This is despite revenue increases of $514 million to $71.1 billion.
Shipping and Packages saw strong growth at around 6.1%, and this more than off-set declines in First Class and Marketing Mail. Postage prices also contributed to the revenue growth.
Mail and packages declined in volume by 2.6%, while Marketing Mail saw a fall in volumes of 2.1%. Package volume growth continued.
“We continue to adjust to declining mail volume and remain focused on leveraging our unique and unrivalled network to gain new customers and grow profitable revenue in the increasingly competitive package business,” said Postmaster General and CEO Megan J. Brennan.
“However, revenue growth in our package business will never be enough to offset imbalances in the Postal Service’s business model, which must be addressed through legislative and regulatory reforms in order to secure a sustainable future,” Brennan emphasised.