In spite of consumers being slammed by rising prices and inflation, Lego on Wednesday reported double-digit revenue growth for the first half of the year, powered by new shop openings and strong demand for its vibrant plastic blocks.
The family-owned business claimed that during the first half of the year, when revenue climbed 17% to 27 billion Danish crowns ($3.48 billion), it outperformed the toy industry in all significant countries.
Operating profit for the time period was 7.9 billion crowns, unchanged from the prior year.
In an interview with Reuters, Chief Executive Niels Christiansen stated that ‘We’ve increased market share every month in all of our big areas, and we’re growing much faster than our competitors.’
‘With good momentum, we enter the height of the Christmas season,’ he remarked.
In the past six months, the Danish business added 66 new locations, 43 of which were in China, bringing the total number of Lego-branded stores to 833 worldwide.
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