The U.S. Postal Service reported net income of $1 billion for its first quarter, up from a net loss of $1.35 billion last year. Postal Service’s revenue was $16.3 billion.
The USPS expects to stay in the black this year because of cost-cutting and last summer’s rate hike.
Revenue for the period between Sept. 7 and Nov. 29 had been projected at $16.7 billion against expense projections of $15.84 billion, resulting in net income of $809 million, according to the USPS. To counter this $311 million shortfall, the postal service reportedly cut expenses $512 million to produce a net income of $1.01million, $201 million over plan.
Standard mail volume for the quarter was nearly 23,7 million pieces, up 7% from last year.
Total mail volume was 49.3 billion pieces, up 1.5% from 48.6 billion last year. The USPS attributed this increase to election-related mail.
*Catalog, Internet Sales Lead Increase for Sharper Image Sharper Image Corp.’s total company sales rose from $93.6 million in December 2001 to $122.4 million in December 2002, with the biggest gains coming from its direct channels.
While store sales increased 22%, from $65.8 million to $80.4 million, catalog sales were up 40%, from $17.1 million to $24 million, and Internet sales, including auction sales, rose 67% from $10.8 million to $18 million. The company lumps television infomercial revenue and wholesale sales into its catalog figures.
Sharper Image opened 20 new stores between December 2001 and December 2002. The company is based in San Francisco.
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