US consumers’ embrace of low-cost ecommerce sites brought a “quite explosive” volume of shipments for UPS in the second quarter but failed to prevent the delivery company’s profits from falling by almost a third.
UPS chief executive Carol Tomé told analysts on Tuesday that the company had seen “customers trade down between services” in the quarter to its “more economical products”, with new ecommerce entrants “highly leveraging” SurePost, one of its cheaper services.
Shares in the company suffered a record drop, closing down 12 per cent at $127.68, their lowest level in four years.
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