FedEx suffers unusual decline in profits


FedEx suffered its first decline
in profits for more than three years in the third quarter and warned that
earnings growth could fall below the group’s long-term target this year.

The sluggish results and cautious
outlook reflected softening demand for express delivery services as the US
economy slows.

But Fred Smith, chief executive, said global trade remained strong and predicted
that the US economy would complete a "soft landing" without falling into

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