Canada Post saw parcel volumes drop by 20 million pieces in the third quarter of the year, representing a $31 million decline in the business.
“The reopening of stores for in-person shopping negatively impacted demand for parcels. Global supply chain issues also began to affect inbound volumes, particularly from China,” it noted in a related release.
But related revenue was still up $307 million for the first nine months of the year, representing an 11.4% increase over last year, while parcel volumes declined 2.3% or 2 million pieces when compared to the same period in 2020.
The loss in parcel revenue was offset by proactively managing capacity and the mix of commercial customers and products, Canada Post says. It also continues to invest in processing capacity and efficiencies.
The corporation’s Purolator courier business recorded a $65 million profit in the third quarter, while the SCI third party logistics business gained $7 million.
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