Business • Markets
Home deliveries boost FedEx's sales past $20 billion, profit nearly triples
FedEx Truck
FedEx Truck Credit: Dano (Creative Commons Attribution 2.0)

FedEx shares have more than doubled in price since the pandemic forced government officials to shutter businesses and issue stay-at-home orders. The revenue for the quarter ended Feb. 28 grew 23% to $21.5 billion, boosted by a half-billion holiday package deliveries and COVID-19 vaccines shipments.

Average daily package volume for FedEx Ground, which counts Walmart among its top e-commerce shipping partners, jumped 25% to 13.2 million during the quarter.

The results came even as severe winter weather in February disrupted service at important facilities in Memphis, Indianapolis and North Texas and reduced quarterly operating income by about $350 million.

Washington Redskins to change controversial team name
Statement published by the Washington Redskins
Statement published by the Washington Redskins Credit: @Redskins via Twitter

After years of pressure from both Native American leaders and major retail brands, the Washington Redskins American football team announced it would retire "the Redskins name and logo upon completion of a review." The use of the term "redskin", considered a slur against Native Americans, has long been seen as controversial but it has taken major sponsors such FedEx, Pepsi and Nike to threaten to pull funding for the team to take action.

"Dan Snyder and Coach Rivera are working closely to develop a new name and design approach that will enhance the standing of our proud, tradition rich franchise and inspire sponsors, fans and community for the next 100 years," so the team's statement published on Twitter.

Washington Redskins under pressure from sponsors to change their name
FedEx Field stadium
FedEx Field stadium Credit: Anders Krøgh Jørgensen

Adweek reported Wednesday that Washington Redskins' sponsors FedEx, Nike and PepsiCo received letters signed by more than 80 investment firms and shareholders asking the companies to sever ties with the team unless it changes its controversial name.

FedEx, which holds the naming rights for the NFL team stadium, told in a statement: "We have communicated to the team in Washington our request that they change the team name,".

Nike, on Thursday night, appeared to remove all Redskins gear from its online store but declined to comment about it.