×
68 901
Fashion Jobs
NORDSTROM
Finance Manager e2e Sales Consolidations - Hybrid Seattle, Hybrid Los Angeles, or Hybrid Denver
Permanent · Seattle
NORDSTROM
Asset Protection - Agent - Towson Rack
Permanent · Towson
NORDSTROM
Asset Protection - Agent - Golde Creek Plaza Rack
Permanent · Lynnwood
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Media
KOHLS
Operations Manager - Blue Springs
Permanent · Blue Springs
OLD NAVY
Assistant Manager, Customer Operations - Chautauqua
Permanent · Lakewood
ULTA BEAUTY, INC.
CO - Sales Manager
Permanent · Kissimmee
ULTA BEAUTY, INC.
General Manager
Permanent · Hanover
AESOP
Part-Time Retail Consultant | Cherry Creek
Permanent · Denver
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Clinton Crossing Premium Outlet
Permanent · Clinton
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, The Crossings Premium Outlet
Permanent · Tannersville
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Chandler Fashion
Permanent · Chandler
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Fashion Fair
Permanent · Fresno
ABERCROMBIE KIDS STORES
Abercrombie Kids - Manager in Training, Aventura
Permanent · Aventura
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Valley Plaza
Permanent · Bakersfield
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Indiana Premium Outlet
Permanent · Edinburgh
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Wellington Green
Permanent · Wellington
HOLLISTER CO. STORES
Abercrombie & Fitch - Manager in Training, Valley Fair
Permanent · Santa Clara
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Rehoboth Beach Outlet
Permanent · Rehoboth Beach
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Gilroy Outlet
Permanent · Gilroy
ABERCROMBIE KIDS STORES
Abercrombie Kids - Manager in Training, San Marcos Outlet
Permanent · San Marcos
ABERCROMBIE KIDS STORES
Abercrombie Kids - Manager in Training, Dolphin Mall
Permanent · Miami
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 © 2022 FashionNetwork.com All rights reserved.