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LEGO

Lego profits tower to new heights as stores reopen

Lego posted record profits and turnover in the first half of 2021, driven by strong demand and the reopening of retail stores, the Danish toy giant said Tuesday.

Published: 28 September 2021 11:20 CEST
Lego profits tower to new heights as stores reopen
Lego saw a bump in online sales during the Covid-19 pandemic. File photo: Liselotte Sabroe/Ritzau Scanpix

The company said its net profit rose by 140 percent to 6.3 billion kroner (847 million euros, $989 million) in the first six months of the year.

Turnover soared by 46 percent to 23 billion kronor, Lego said.

Like other companies worldwide, Lego saw a bump in online sales during the pandemic, growing 50 percent in the first half compared to the same period last year.

But the toy-maker also expanded its global retail footprint as it opened more than 60 new Lego stores in the first six months of 2021, with more than 40 of them in China.

Lego had 737 retails stores, including 291 in China, as of June.

“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.

READ ALSO: Lego celebrates diversity with rainbow-coloured figurines

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BUSINESS

Denmark’s toy giant Lego offers staff bonus after bumper year

Danish toymaker Lego, the world's largest toymaker, Denmark's Lego, said on Tuesday it will offer its 20,000 employees three extra days of holiday and a special bonus after a year of bumper revenues.

Published: 30 November 2021 14:27 CET
Lego is rewarding staff with a Christmas bonus and extra holiday after a strong 2022.
Lego is rewarding staff with a Christmas bonus and extra holiday after a strong 2022. File photo: Ida Guldbæk Arentsen/Ritzau Scanpix

Already popular globally, Lego has seen demand for its signature plastic bricks soar during the pandemic alongside its rapid expansion in China.

“The owner family wishes to… thank all colleagues with an extra three days off at the end of 2021,” the company said in a statement.

The unlisted family group reported a net profit of more than 6.3 billion Danish kroner (847 million euros) for the first half of 2021.

Revenues shot up 46 percent to 23 billion kroner in the same period.

It had been “an extraordinary year for the Lego Group and our colleagues have worked incredibly hard,” said the statement, which added that an unspecified special bonus would be paid to staff in April 2022.

Lego, a contraction of the Danish for “play well” (leg godt), was founded in 1932 by Kirk Kristiansen, whose family still controls the group which employs about 20,400 people in 40 countries.

READ ALSO: Lego profits tower to new heights as stores reopen

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