US FedEx to open 70 new Kinko’s in 2005
The FedEx Corp. said Friday it will open 70 new locations for its Kinko’s division in the fiscal year ending in May 2005.
The package shipping giant also said in its annual report to the Securities and Exchange Commission that it expects to spend USD20 million on rebranding the new division as FedEx Kinko’s Office and Print Centers.
FedEx bought the Kinko’s copy shop chain of 1,200 stores in February for USD2.4 billion, making it the fourth major division of the parent company.
The other divisions are FedEx Express, FedEx Ground and FedEx Freight.
FedEx projects revenues of USD2.1 billion next year from the Kinko’s division, which has offices worldwide. In just over one quarter of 2004, Kinko’s brought in USD621 million.
FedEx Kinko’s offers shipping and copying services as well as temporary office space and equipment for customers on the road.
“In addition, there are significant opportunities for growth in full-service color copies, finishing services and signs and graphics product offerings,” the company said in its report.
FedEx shares fell 50 cents to close at USD80.80 on the New York Stock Exchange.
