The world’s largest toy maker, Lego, reported a 17% increase in profits last year, which amounted to DKK 64 billion ($9.2 billion). In this respect informs CNBC is citing company data.
In 2022, Lego’s net profit increased 4% to $2 billion, operating income – 5% to $2.6 billion. At the same time, the company managed to identify its competitors Mattel and Hasbro. For example, in 2022, Mattel had net income of $5.4 billion and $400 million, while Hasbro had $5.9 billion and $200 million, respectively.
According to Lego CEO Niels Christiansen, the increase in profit and revenue was driven by strong demand for the company’s products. And we’re not talking about rising prices, but about people’s love of large and complex sets.
Last year, Lego opened 155 new stores worldwide. And almost half opened in China.
At the end of September, Inventive Retail Group, the exclusive partner of Lego in Russia, decided Build a new multi-brand sales network called “World of Cubes”.
Prior to this, the Danish manufacturer of Lego builders decided to indefinitely cease its business activities in Russia.