Southwest Airlines' CEO told investors in a July 24 earnings call that the airline could eventually open its own lounges.

Earlier this year, Southwest Airlines announced several major policy changes in an attempt to boost the airline's slumping profits. This was highlighted by the decision to begin charging for checked bags,

Southwest missed on sales and earnings last night. Revenues slipped only slightly year over year, but profits were down a big 33%. Southwest has announced a buyback of its stock, forecasting better profits ahead.

Southwest stock dropped after it reported adjusted earnings of 43 cents a share on $7.2 billion in revenue, below Wall Street’s expectations.

Just two months after ending its long-standing “Bags Fly Free” policy, the airline has announced when it will roll out assigned seating — a significant shift from its traditional boarding process. For decades, Southwest used a first-come, first-served system, along with free checked bags, that set it apart from its competitors.