Word: easyjet
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...TIME: Were B.A. and the other full-service airlines caught flat-footed by discounters like Ryanair and EasyJet? Eddington: Yes. We should have been much quicker to learn from the things they did well. Are they lucky that they don't fly in the North Atlantic? Yes, they are. Many charter operators who are close to the no-frills model and fly to the U.S. have had a tough time...
...asked people how we should compete with Ryanair, they said not to worry because we own Go. In other words, we don't need to get our own house in order. But we needed to change the way B.A. itself runs things to confront Ryanair and EasyJet, and no full-service airline has ever been able to run a no-frills carrier in the same family successfully...
...major airlines were in big trouble anyway," says Toby Nicol, a spokesman for cut-rate easyJet. "Now they're trying to wiggle out of playing by the rules." A competitor would say that, of course, but he has a point. Before Sept. 11, debt-burdened Swissair, which owned 49.5% of Sabena, was already suffering from a costly expansion strategy that had contributed to $1.7 billion in losses last year. Even far healthier BA had airline analysts worried before the attacks. It had embarked on a risky course to shift its business toward high-end flyers, cutting capacity while spending money...
...threat to the majors from the discounters has become very real. Carriers like Ryanair, easyJet, Buzz and Go, which concentrate on short-haul routes, have been almost impervious to the downturn in transatlantic travel. They're thriving. Ryanair, which earlier this month became Europe's most valuable airline with a market capitalization of $5 billion, announced a 39% rise in profits for the six months ending Sept. 30. EasyJet posted an annual profit of $58 million...
...skies. Belgium's Sabena declared bankruptcy earlier this month, the day after B.A. announced that its pretax profits for the third quarter had plunged from $290 million to $7.3 million and that it was expecting a significant loss for the year. But not all European carriers are struggling. Ryanair, easyJet, Buzz and Go--inspired by U.S. discounting pioneer Southwest Air--concentrate on short-haul routes, and have been almost impervious to the downturn in transatlantic traffic. Sure, there are fewer American tourists booking weekend excursions from London to Dublin, but business traffic and leisure travelers taking advantage of sale fares...