By CATHY BUSSEWITZ, AP Business Writer
NEW YORK (AP) — FedEx’s profit jumped 67% in its latest quarter, as online shopping soared among customers avoiding stores and shipments between businesses improved.
The delivery giant reported Tuesday that it earned $1.25 billion during the three months that ended Aug. 31, FedEx’s fiscal first quarter. That was up from $745 million a year earlier.
Its revenue rose to $19.32 billion, up 13% from $17.05 billion in last year’s quarter.
“The growth that we expected to see over a period of three to five years happened in a period of three to five months,” said Raj Subramaniam, president and chief operating officer at FedEx, in a conference call with investors.
Delivery of large packages, furniture and high-value electronics to homes increased, said Brie Carere, executive vice president and chief marketing and communications officer. Shoppers who are over 65 years old “finally moved to