Canada Post’s 2022 results and Annual Report have been released. The Corporation recorded a loss before tax of $548 million in 2022. Growing competition in the parcel delivery sector, combined with economic uncertainty and reduced consumer spending, negatively affected parcel volumes and revenue.
To read the full story of 2022, including how we’re delivering on our purpose and transformation plan, A Stronger Canada – Delivered, go to our 2022 Annual Report on canadapost.ca.
Please watch this video from President and CEO Doug Ettinger, which provides context on the financial results and how we’re fighting for every parcel in an increasingly competitive landscape.
What you need to know:
- • Canada Post’s 2022 loss before tax widened by $58 million from a loss before tax of $490 million in 2021.
- • Total revenue for the Canada Post segment declined by $167 million, or 1.9 per cent, from the previous year.
- • While Parcels revenue declined from 2021, the line of business ended 2022 with stronger revenue than before the pandemic started.
- • Transaction Mail volumes continued to erode, while Direct Marketing revenue and volumes slowly recovered from the prior year.
- • We’re making strategic investments to improve service and tracking, enable our network, increase capacity and enhance the customer experience.
- • While online shopping has slowed partly due to economic uncertainty and the rising cost of living, the ecommerce market is expected to more than double over the next decade.