The United States Postal Service (USPS) announced on Tuesday that it made a profit in the first quarter of the fiscal year, partly due to an increase in deliveries around the holiday.
The USPS said in a statement that more than 1.1 billion packages were delivered during the holiday season, helping to boost $ 318 million in net revenue for the quarter through December 31. The agency lost $ 748 million in the same period last year. Total revenue increased 11.1% to $ 21.5 billion.
“Our strong growth in package volume during the holiday quarter shows how drastically our business and revenue mix is changing,” said Postmaster General Louis DeJoy
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The USPS found itself in a highly publicized fiscal hole, a situation that gained prominence during the 2020 presidential elections.
DeJoy, a Republican Party fund-raiser with links to the former President Trump
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DeJoy continued to call for broad changes in the way the USPS operates, saying it still faces an escalation to remain consistently profitable.
“While our positive financial results for this quarter are certainly welcome, we continue to face systemic imbalances that make our current operating model unsustainable, and the economic impacts of the COVID-19 pandemic will continue to challenge the organization. It is essential that the Postal Service undertakes comprehensive reforms so that we can meet the ever-changing needs of our commercial and residential customers and ensure our ability to provide reliable universal mail and package delivery to all Americans, ”he said.