Home Business News Lego profits slump as demand falls

Lego profits slump as demand falls

by LLB Finance Reporter
30th Aug 23 11:48 am

Lego has seen half year profits fall by almost a fifth with operating profits fell to £738 million, in the six months to 30 June.

The toy giant saw sales slow to 1% with revenues of £3.2 billion compared to the previous year which saw demand soar during Covid.

The toy market has declined but Lego outperformed with “significant” growth in the market share with consumer sales up by 3%.

Lego chief executive Niels Christiansen said, “We are satisfied with our performance, especially as it has been a challenging six months for the toy industry.

“Demand for our products saw us outpace the industry and significantly grow market share.

“Our strong financial position allows us to invest for the long term, particularly in areas such as digital, sustainability and manufacturing.

“Overall, our performance is in line with expectations, after three consecutive years of extraordinary growth.”

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