FedEx sees 11 percent rise in Cyber Monday shipments
Oct 23 (Reuters) - FedEx Corp expects 11 percent growth in shipments on Cyber Monday as retailers ship more goods during the holiday shopping season using its ground and SmartPost services, the company said.
Cyber Monday is the Monday after Thanksgiving when employees return to offices and purchase items with their computers at work. The holiday shopping season is the biggest selling period for retailers. When customers buy online, retailers use courier services like FedEx and United Parcel Service to ship them.
The National Retail Federation's Shop.org division forecast a 13 percent to 15 percent increase in online holiday sales for the year, which would amount to as much as $82 billion. FedEx said categories like consumer electronics, apparel and luxury goods will be among the most shipped items, apart from e-commerce purchases.
FedEx said it expects its busiest day ever on Dec. 2, which is Cyber Monday this year and expects to move more than 22 million shipments across the world. During that whole week, FedEx expects move more than 85 million shipments, a rise of 13 percent over last year.
Shipment forecasts from companies like FedEx are considered a barometer of broader economic health because of the volume of goods they move.
Memphis, Tennessee-based FedEx said the impact of the volumes were included in the company's earnings forecast. In September, the company said it expects earnings to grow 7 percent to 13 percent over last year.
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