US regional express operator Velocity Express wins USD 30 million contract
Velocity Express announced this week that it has won a multi-year contract worth more than USD 30 million from specialty department store operator Stage Stores, Inc.
Under the agreement, Velocity Express will provide logistics services to Stage Stores’ Peebles brand stores throughout the Midwest, Northeast and Southeast. The services include daily store replenishment and vendor inbound transportation services to 310 Peebles stores, Velocity said.
Vincent Wasik, Velocity Express CEO, commented on the deal: “Our new agreement with Stage is confirmation that the top retailers recognise the value that Velocity brings to this business segment.”
Houston, Texas-based Stage Stores owns more than 715 stores throughout the United States. Under the “Peebles” name, it operates in the New England, Mid Atlantic, Southeastern and Midwestern states.
In the quarter ending December 29, 2007, Velocity Express generated revenues of USD 86.1 million, down from USD 102.3 million one year earlier, but reduced its operating loss to USD 3.9 million from the previous year’s USD 8.7 million.
