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MarketScreener Homepage  >  Equities  >  Nyse  >  FedEx Corporation    FDX

FEDEX CORPORATION

(FDX)
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FedEx : and Happy Returns Team Up to Offer Box-Free Returns at Most FedEx Office Locations

10/20/2020 | 06:01am EST

More than 2,000 FedEx Office Locations Will Accept Returns Box & Label-Free From Happy Returns’ Growing List of Retailers & Brands

Happy Returns, a vertically integrated returns solution provider, today announced an agreement with FedEx Corp. (NYSE: FDX) to offer Happy Returns’ in-person return service in more than 2,000 FedEx Office locations. Starting in Los Angeles and expanding nationwide by the end of October, online shoppers from Happy Returns’ fast-growing list of retail partners will now be able to return products in person, without a box or label, and for an immediate refund or exchange, at most FedEx Office locations.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201020005144/en/

QR codes provide an instant, contact-free return process. (Photo: Business Wire)

QR codes provide an instant, contact-free return process. (Photo: Business Wire)

Shoppers start returns on the retailers’ websites or at HappyReturns.com and receive a QR code. They then bring the items only—no box or receipt required—plus the QR code to FedEx Office to complete the return. A typical return takes less than a minute; returns are approved in real time and Happy Returns initiates refunds and exchanges immediately in most cases. Using Happy Returns’ technology, FedEx will then aggregate box-free items from multiple merchants into a single shipment, reducing the cost of the process for participating retailers.

As with returns from other Happy Returns locations, the aggregated shipments from FedEx Office locations will be sent to one of Happy Returns’ two regional processing hubs, which use proprietary software to accept, sort, and process co-mingled returns.

“We are very excited to work with Happy Returns as we make the returns experience more convenient for shoppers while also streamlining the process for merchants,” said Ryan Kelly, vice president of global e-commerce marketing, FedEx. “The packing experts at FedEx Office are ready to help customers, no box or label needed.”

By adding FedEx Office to its Return Bar network, Happy Returns will quadruple the number of locations where shoppers can drop off returns hassle free. The alliance includes more than 2,000 FedEx company-owned stores. The more than 2,000 FedEx Office locations join over 500 existing Return Bars in Happy Returns’ network located in traditional retailers, shopping malls, campus bookstores and office buildings.

“We are thrilled to grow with FedEx Office to bring in-person returns to more online shoppers,” said David Sobie, Co-Founder and CEO of Happy Returns. “In a time of retail uncertainty due to the coronavirus, it is incredibly valuable to add an essential services provider like FedEx Office to our growing network.”

Happy Returns has experienced significant growth in 2020, despite the coronavirus pandemic. Happy Returns’ customer list has been growing rapidly, as retailers of all sizes seek to save costs through better returns software and improved reverse logistics.

The company added more new customers in the second quarter of 2020 than all of 2019 combined, including: surging digital natives such as Public Recreation, Mack Weldon, and Betabrand; traditional incumbents with a renewed focus on digital commerce such as Dressbarn, Havianas, and the Steve Madden brands; and direct-to-consumer upstarts gaining traction, such as Clove, The Great, Peak Design and United by Blue.

About Happy Returns

Happy Returns’ software and reverse logistics are the industry’s only comprehensive returns solution. Its Return Bar network of over 2,500 Return Bars nationwide allow shoppers to easily return or exchange without printing or packaging in under 60 seconds and receive refunds immediately. All items bulk-ship inside eco-friendly, reusable boxes—leveraging low carrier rates and aggregated shipping for economies of scale—to Happy Returns’ regional Return Hubs, where they are sorted, dispositioned, and processed.

Customers using Happy Returns’ full offering average 20% cost savings, a 94 NPS, 50% program adoption, and up to 2X higher exchange rates. Happy Returns guarantees 10% savings in the first year. Happy Returns is based in Los Angeles, California. Its investors include PayPal, USVP, and Upfront Ventures. For more information, visit www.happyreturns.com.

Certain statements in this press release may be considered forward-looking statements, such as statements relating to management’s views with respect to future events and financial performance. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, the rate of future e-commerce growth and our ability to successfully compete in the e-commerce market, our ability to successfully implement operational changes in the expected time frame and effectively respond to changes in market dynamics and other factors which can be found in FedEx Corp.’s and its subsidiaries’ press releases and FedEx Corp.’s filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. We do not undertake or assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.


© Business Wire 2020
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Financials (USD)
Sales 2021 76 662 M - -
Net income 2021 4 105 M - -
Net Debt 2021 15 293 M - -
P/E ratio 2021 18,6x
Yield 2021 0,92%
Capitalization 75 254 M 75 254 M -
EV / Sales 2021 1,18x
EV / Sales 2022 1,10x
Nbr of Employees 412 000
Free-Float 76,2%
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 295,33 $
Last Close Price 286,58 $
Spread / Highest target 29,8%
Spread / Average Target 3,05%
Spread / Lowest Target -26,7%
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Managers
NameTitle
Frederick Wallace Smith Chairman & Chief Executive Officer
Rajesh Subramaniam President, Chief Operating Officer & Director
Michael C Lenz Chief Financial Officer & Executive Vice President
Robert B. Carter Chief Information Officer
Shirley Ann Jackson Independent Director
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