Southwest Airlines has been in damage-control mode since its December holiday meltdown, working to defend its reputation. The airline said today the snafu cost it $800 million in the fourth quarter (around $620 million on an after-tax basis).
The big picture:
Southwest has a strong reputation, a fact noted by both executives and analysts on its earnings call today. And itsBetween public apologies, the airline has been concentrating on customer refunds and reimbursements for those affected."The good thing is our customers are very loyal, and we're seeing that," CEO Bob Jordan said on the call.
"We had a sale recently. That sale went really well... We're seeing our customers redeem [rewards points] quickly at an even faster than typical rate for something like that, this gesture of goodwill."Despite the Q4 loss, Southwest reported a full-year net income of $539 million for 2022. And it said today that it expects March 2023 managed business revenues to be roughly restored to March 2019 levels.
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