×
32 784
Fashion Jobs
FOOT LOCKER
Senior Product Manager (Membership)
Permanent · Chicago
FOOT LOCKER
Security Guard
Permanent · New York
NORDSTROM INC
sr. Business Intelligence Analyst - People Analytics
Permanent · Seattle
NORDSTROM INC
la Mer Business Manager Streets at Southpoint
Permanent · Durham
NORDSTROM
Asset Prevention Security Ambassador Northtown Mall Rack
Permanent · Spokane
NORDSTROM INC
Loss Prevention Agent Montgomery
Permanent · Bethesda
NORDSTROM
Loss Prevention Security Ambassador North Point Market Center Rack
Permanent · Alpharetta
NORDSTROM INC
Security Ambassador 2- 3rd Shift - Elizabethtown, PA
Permanent · Elizabethtown
NORDSTROM
Loss Prevention Security Ambassador Riverwalk Outlets Rack
Permanent · New Orleans
NORDSTROM INC
Inventory Integrity & Quality - Area Manager - Tue-Fri 3:00pm-1:00 am - Dubuque, ia
Permanent · Dubuque
NORDSTROM INC
District Manager, Asset Protection – co/ut/id
Permanent · Westminster
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Lorain
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Evesham
L'OREAL GROUP
l'Oreal Usa, Retail IT Systems Administrator
Permanent · New York
L'OREAL GROUP
l'Oreal Usa, IT Senior Manager, SEO & Site Performance Lead
Permanent · New York
L'OREAL GROUP
l'Oreal Research & Innovation, Vice President & Patent Counsel
Permanent · Clark
MARSHALLS
Loss Prevention Detective
Permanent · Denver
TJ MAXX
lp Detective
Permanent · Williamsport
TJ MAXX
lp Detective tj Maxx-Downtown, Brooklyn
Permanent · New York
TJ MAXX
lp Detective
Permanent · Williamsport
TJ MAXX
lp Detective Atlanta Ponce Deleon
Permanent · Atlanta
HOMEGOODS
lp Detective
Permanent · Danvers
Published
Aug 28, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

BNPL giant Klarna's losses balloon in first half

Published
Aug 28, 2020

Buy now, pay later (BNPL) may be expanding fast but a key name in the process, Sweden’s Klarna, saw its operating losses widening in the first half of the year.


Klarna


The company lost SEK552 million (£48 million) in H1, a giant negative compared to the SEK84 million deficit it reported a year ago. The fast-expanding company blamed its major growth investment spend as well as increased provisions for bad loans. Its costs increased in the first six months, but its cash flow was strong during the period as net operating income surged 37% to SEK4.6 billion at the privately-owned firm. And total sales grew to SEK215 billion, up 44% year-on-year.

Fifteen-year-old Klarna has been cementing its leadership position in multiple BNPL markets, with its customer numbers having grown sixfold in the US where it now has 7.85 million people using it. It’s even bigger in some European markets with 9.5 million UK customers, for instance.

Its customer growth came as the payment method took off during the global lockdowns when new shoppers moved online and used its services.

“In the context of Covid-19 and the uncertainties it has unfortunately created for so many, a somewhat precautionary approach was necessary at times, including adjusting our credit policies globally,” Klarna Co-Founder and CEO Sebastian Siemiatkowski said. “Despite this, we have seen accelerated growth and rapidly increasing demand for our services.”

The company earns its money from the fees it charges the large merchants that use its services (such as Sephora, Timberland, River Island, Asos and H&M, the latter of which is one of its investors) and from shopper late payment fees.

Copyright © 2021 FashionNetwork.com All rights reserved.