Canada Post unveils Q1 2023 report

Canada Post recorded a pre-tax loss of $107 million in the first quarter (Q1) of 2023 as parcels revenue was “relatively flat” and transaction mail plus direct marketing revenue declined, according to the Crown corporation.

The segment’s Q1 before-tax loss improved by $22 million (compared to a before-tax loss of $129 million in the same period last year).

Revenue fell by $32 million (or 1.7 per cent compared to the same period in 2022). Parcels revenue was relatively flat as volumes slightly declined from the same period of the previous year. Direct marketing revenue and volumes fell “as businesses continued to pull back on marketing” while transaction mail revenue and volumes “continued to erode.” In Q1 2023, operations costs fell by $34 million (or 1.7 per cent compared to the same period last year).

“This was largely due to lower employee benefits, which were partly offset by higher non-capital investment costs.”

With parcels representing about half of Canada Post’s revenue, the Crown corporation has “invested to better position itself in a competitive market and ensure the postal service continues to be a valued delivery partner,” the report added.

Canada Post has made “significant strategic investments to improve service and tracking, enable its network, increase capacity and enhance the customer experience.”

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