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Tuesday, March 28, 2023

Toy group: Lego achieves record profit | STERN.de

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The toy giant earned the equivalent of around 1.85 billion euros in 2022, even though Lego no longer delivers toys to Russia. The group leaves it open how expensive this step was.

Despite exiting the business in Russia, Lego has had a record year. The toy group from Billund, Denmark, made a bottom line profit of 13.8 billion crowns (around 1.85 billion euros) in the past year, as the company reports. This corresponded to an increase of four percent compared to the previous year – even then the annual profit had set a record for Lego.

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Sales increased by a whopping 17 percent to 64.6 billion crowns (8.7 billion euros) in 2022, partly thanks to continued high demand for various Lego products.

No more Lego bricks for Russia

2022 was a “milestone year” for the Lego Group, as the group celebrated its 90th birthday, explained Lego boss Niels B. Christiansen. The strong numbers showed that playing with Lego is more relevant and attractive than ever. You’ve been able to reach more children with Lego toys than ever before.

Lego announced in the summer that it would cease commercial operations in Russia indefinitely. Immediately after the Russian invasion of Ukraine, the group announced that it would no longer send Lego bricks and sets to Russia.

The annual report did not reveal exactly how much this step cost Lego.

Source: Stern

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