2.3 C
New York

Revenue jumps 17% in first half of 2022


Lego Star Wars toys sit on display inside a Toys “R” Us Inc. store in Paramus, Recent Jersey, U.S., on Tuesday, Nov. 26, 2019.

Bloomberg | Getty Images

Lego sales are constructing on pandemic-era growth, boosted by popular sets from Lego Star Wars and Lego Harry Potter.

On Wednesday, the privately held Danish toymaker said revenue through the first six months of the yr jumped 17%, reaching $27 billion Danish krone, or about $3.5 billion.

Lego was among the many toy firms that saw massive gains through the pandemic, as consumers of all ages gravitated toward its constructing sets for entertainment.

CEO Niels Christiansen touted the corporate’s diverse number of toys and their appeal across generations for the continued sales surge.

“It’s the broadest one we ever had,” Christiansen said of Lego’s current portfolio. “It’s preschool, it’s kids, it’s girls and boys, it’s teens, it’s adults — it’s actually across the board that the portfolio is super strong.”

Along with top-selling Star Wars and Harry Potter models, Lego has seen strong performance in its homegrown Lego Technic and Lego City.

“I feel that we ensure we tap into different passion points,” Christiansen said. “You may buy a Formula One automotive or a Ferrari, or you may have a Duplo set that matches in your bathtub.”

Lego’s strong earnings results come despite a series of worldwide headwinds including war in Ukraine, store and factory shutdowns in China because of the Covid-19 pandemic and rising inflation related to costs of raw materials, energy and freight.

Christiansen said strong sales have allowed the corporate to come back out ahead of those financial difficulties. Net profit between January and June 30 reached $6.2 billion Danish krone, or about $802 million, essentially according to year-earlier levels. Through the same period last yr, Lego generated net profit of $6.3 billion Danish krone, or about $812 million.

The corporate also has been reaping the advantages of opening stores in recent markets, particularly in China. Through the first half of the yr, the corporate opened 66 shops worldwide, including 46 in that region.

“We’re making quite significant investments in our factory in China, as well,” Christiansen said. “At once, we’re expanding molding and packing and warehousing capability there to also sustain growth coming forward.”

Get the latest Sports Updates (Soccer, NBA, NFL, Hockey, Racing, etc.) and Breaking News From the United States, United Kingdom, and all around the world.

Related articles


Recent articles