Canada Post is showing early signs of a financial recovery despite lower revenue and larger losses in the first half of the year, its chief executive, Doug Ettinger, has said, according to The Globe and Mail.
He said the Crown corporation was winning back some parcel business lost since 2019, helped by shipping discounts for small firms and a new online marketplace. But he described the service as overbuilt in cities and said it must shrink there.
Central to the plan is moving the four million addresses that still get doorstep delivery to community mailboxes over roughly five years. A new online tool lets customers enter a postcode to see when their street will switch, and the first conversions have been completed in Winnipeg and Sept-Îles, Quebec. Second-quarter pre-tax losses were $277m, down from $407m.
Source: The Globe and Mail
