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LSG puts new focus on inflight sales as revenue drops 71%
LSG Group saw sales drop 71% year-on-year in the first quarter of 2021.
A decline in passenger numbers and a drop in long-haul flights were key drivers of the loss, which reflected the ongoing impact of the travel retail industry on the company and the wider industry. In the first part of 2021, LSG produced 27 million meals which represents a 55% reduction compared to 2020.
The loss is reduced to 58% if one excludes the company’s European business, which was sold at the end of last year.
LSG Group CFO Dr Kristin Neumann said: “”We have stuck to strict cost management and secured our liquidity, while at the same time developing new strategies and becoming more efficient organisationally.
LSG Group to focus on digital inflight sales and sustainability
The company is reassessing its priorities in the wake of a ‘challenging’ year
LSG Group is putting its focus on “new priorities” such as digital inflight sales and increased sustainability as it plans for the future.
The company’s management say they are “looking optimistically” forward and the company is predicting a rise in sales for its inflight retail operations once travel begins again.
LSG’s subsidiary
Retail inMotion has had a “positive trajectory” in recent months, according to the company. New deals with
Lufthansa German Airlines,
Frontier Airlines.
LSG Group CEO Erdmann Rauer said: “Retail inMotion has consistently grown to become the market leader over the years by focusing on high quality, individualization, customer experience and efficiency in combination with digital applications.