A food tray adapted for holding previously cooked food items is provided. The food tray has one or more sidewall structure openings to allow venting of the interior volume of the tray through the tray sidewall structure openings. The food tray allows food items contained in the volume of the food tray to be stored over an extended period of time at an elevated temperature without significant deleterious effects to the appearance, taste and texture of the food. The food tray may also include a slide member for adjusting the amount of venting through the sidewall structure openings. Also provided is a method of storing food within a food tray to be contained in a heated compartment.