FedEx plans to ground more aircraft with decline in revenue and operating income

FedEx is planning to ground more aircraft with the decline in revenue and operating income during the fourth fiscal of the year citing demand weakness and cost inflation “The company had retired 18 aircraft, including 12 MD-11Fs, during the quarter ended May 29 and there were plans to take out another 29 aircraft from scheduled flying during the coming fiscal year,” Raj Subramaniam, FedEx Corporation president and chief executive said during a recent results call. “Flight hours during the fiscal fourth quarter were down 12% compared with last year,” he added. This move comes in the backdrop of a 13%