2023/05/26
Canada Post has released its first quarter 2023 results. The Corporation recorded a loss before tax of $107 million as Parcels revenue was relatively flat and Transaction Mail and Direct Marketing revenue declined from the same period a year earlier.
The company continued to face intensifying competition in the parcel delivery sector. This increased competition as well as a softer ecommerce market negatively affected Parcels revenue and volumes in the first quarter.
Highlights
- The Canada Post segment’s loss before tax of $107 million in the first quarter marked an improvement of $22 million from the same period of 2022.
- Revenue fell by $32 million, or 1.7 per cent, compared to the same period of 2022.
- Parcels revenue was relatively flat as volumes declined slightly from the same period of the prior year.
- Direct Marketing revenue and volumes fell as businesses continued to pull back on marketing, and Transaction Mail revenue and volumes continued to erode.
- With Parcels representing approximately half of Canada Post’s revenue, we continue to invest to better position the company in a competitive market and ensure the postal service continues to be a valued delivery partner.
- We’re making significant strategic investments to improve service and tracking, enable our network, increase capacity and enhance the customer experience.
Click here to read the news release.