US delivery firm FedEx reported a 7 percent decline in first quarter profit to $1.19 billion for the first quarter ended August 31, 2021 even as revenue increased 14 percent to $22 billion.The first quarter operating results were negatively affected by an estimated $450 million year-over-year increase in costs “due to a constrained labour market which impacted labour availability, resulting in network inefficiencies, higher wage rates, and increased purchased transportation expenses,” an official statement said.