PFS saw fulfillment volume spikes during Thanksgiving Week

This year, brands chose a more traditional holiday promotional cycle around Black Friday and Cyber Monday with less promotional activity after Cyber Week through the end of the year. This client promotional behavior resulted in consumer buyer behavior returning to similar patterns experienced in 2018 and 2019. This shift led to significant fulfillment volume spikes during Thanksgiving Week 2022, where PFS fulfilled approximately 16% more orders compared to its previous record set during Thanksgiving Week 2020, and also Cyber Week 2022, where PFS fulfilled approximately 12% more orders compared to its previous record set during Cyber Week 2020. Similar to 2018 and 2019, PFS experienced a more significant decrease in fulfillment volumes as client promotional activities slowed following Cyber Week as compared to 2020 and 2021, which is expected to negatively impact year-over-year comparisons. PFS still expects to deliver strong annual revenue performance, within the prior guidance range, with revenue anticipated to be toward the bottom end of the targeted 5% to 10% SFE revenue growth.