Velocity Express, the largest provider of time definite regional delivery solutions in the USA,announced this week that it has won a multi-year contract worth more than $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 dailystore replenishment and vendor inbound transportation services to 310 Peebles stores, Velocitysaid.
Vincent Wasik, Velocity Express CEO, commented on the deal: “Our new agreement with Stage isconfirmation that the top retailers recognise the value that Velocity brings to this businesssegment.”
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 Midwesternstates.
In the quarter ending December 29, 2007, Velocity Express generated revenues of $86.1million, down from $102.3 million one year earlier, but reduced its operating loss to $3.9 millionfrom the previous year’s $8.7 million.
