TOY GIANT: LEGO POSTS RECORD PROFIT, TURNOVER AS STORES REOPEN

Thu 30 September 2021:

Lego reported record profits and revenue in the first half of 2021, owing to robust demand and the reopening of retail outlets, according to the Danish toy manufacturer.

In the first half of the year, the company’s net profit increased by 140 percent to 6.3 billion kronor (847 million euros, $989 million).

Lego reported a 46 percent increase in revenue to 23 billion kronor.

Lego, like other firms throughout the world, reported a 50 percent increase in online sales during the pandemic, compared to the same period previous year.

However, in the first half of 2021, the toymaker boosted its global retail base by opening more than 60 new Lego stores, with more than 40 of them in China.

As of June, Lego had 737 retail locations, including 291 in China.

“Our performance was driven by strong demand for our portfolio, which has attracted new builders to the Lego brand,” said chief executive Niels Christiansen.

“Our year-on-year growth benefited from fewer Covid-related restrictions compared with 2020 as our factories operated uninterrupted and the majority of retail stores reopened,” he said in a statement.

(Input with agency)

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