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MarketScreener Homepage  >  Equities  >  NASDAQ OMX HELSINKI LTD.  >  Finnair Oyj    FIA1S   FI0009003230

FINNAIR OYJ

(FIA1S)
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Miss airline food? Finnair selling business class meals in supermarket

10/26/2020 | 06:53am EST
Finnair selling business class meals in supermarket

HELSINKI (Reuters) - Finland's national carrier Finnair has started selling its business class meals in a supermarket to prevent job cuts at its catering unit due to COVID-19.

The airplane meals have quickly turned into a hit with 1,600 meals sold within days at the supermarket located near Finnair's main hub the Helsinki-Vantaa airport, Finnair said. It plans to sell in more outlets.

"There are redundancies and layoffs going on already at Finnair and we are trying our best to find new innovative ways," head of Finnair Kitchen Marika Nieminen told Reuters.

Finnair said last Tuesday it would cut around 700 jobs by March 2021.

Finnair Kitchen's first main courses on the ground, for 12.9 euros ($15.2) apiece, comprise beef with teriyaki-radish sauce served with grilled spring onion and rice or smoked arctic char with chantarelle risotto.

"In this desperate remote work environment this is a small, nice taste of normal life," Mika, a customer from Vantaa said.

In 2017, Finnair stopped outsourcing its catering services by buying LSG Sky Chefs, a company that operated at Finland's main airport, from a Lufthansa subsidiary and renamed it Finnair Kitchen.

A year later, Finnair Kitchen produced some 12,000 meals a day but the numbers collapsed when the COVID-19 pandemic hit air travel.

Nieminen said Finnair planned to introduce new dishes, including reindeer meat from Finnish Lapland and Japanese-style pork shoulder, for supermarkets.

"We have had very much positive feedback from our customers and this product has become one of the best selling products in our store," Kimmo Sivonen, a shopkeeper at Kesko's K-Citymarket Tammisto in Vantaa said.

Finnair Kitchen head of product development Juha Stenholm said the food's high quality justified the relatively high price for a packed take-away meal.

"Our unit is focusing on business class food so ... premium raw materials," he said.

(Reporting by Anne Kauranen and Attila Cser; editing by Emelia Sithole-Matarise)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE LUFTHANSA AG 0.24% 10.46 Delayed Quote.-3.28%
FINNAIR OYJ 1.18% 0.686 Delayed Quote.-10.50%
KESKO OYJ 0.37% 21.52 Delayed Quote.1.90%
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Financials
Sales 2020 834 M 1 010 M 1 010 M
Net income 2020 -622 M -754 M -754 M
Net Debt 2020 1 342 M 1 625 M 1 625 M
P/E ratio 2020 -1,17x
Yield 2020 -
Capitalization 965 M 1 168 M 1 169 M
EV / Sales 2020 2,77x
EV / Sales 2021 1,27x
Nbr of Employees 6 535
Free-Float 42,9%
Chart FINNAIR OYJ
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Finnair Oyj Technical Analysis Chart | FIA1S | FI0009003230 | MarketScreener
Technical analysis trends FINNAIR OYJ
Short TermMid-TermLong Term
TrendsNeutralBullishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 0,62 €
Last Close Price 0,69 €
Spread / Highest target 23,9%
Spread / Average Target -9,62%
Spread / Lowest Target -30,0%
EPS Revisions
Managers and Directors
NameTitle
Topi Manner Chief Executive Officer
Jouko Karvinen Chairman
Jaakko Schildt Senior Vice President-Operations
Mika Stirkkinen Chief Financial Officer
Jaana Maija-Liisa Tuominen Independent Non-Executive Director
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