FedEx has reported for the first quarter ending 31 August a profit of $745 million, compared with $835 million a year earlier, as a weakening global macro environment negatively impacted business.

Revenue declined very slightly to $17.05 billion in the first quarter.

FedEx said operating results declined primarily due to weakening global economic conditions, increased costs to expand service offerings and continued mix shift to lower-yielding services. The impact of one fewer operating day and the loss of business from a large customer also hit results.