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Danish toy maker Lego wants to open 150 new stores this year, on the back of an uplifting profit and revenue growth last year. Despite the growth coming mainly from China, the Danish company sees no reason to be pessimistic about the coronavirus.
Experience works
Lego opened 150 stores last year prove, which proved to be such a success that the toy maker wants to open just as many again this year. Customers appreciate the new store concept focusing on experience, it turns out: 2019 saw an improvement in the most important indicators, after a first turnover drop in more than a decade in 2017.
Turnover went up by 6 % to 38.5 billion Danish Krone (5 billion euros) last year, while net profit rose by 3 % to 8.3 billion Danish kroner (1 billion euros). Online sales went up by 27 %, as Lego’s new website started to bear fruit.
Chinese plans go on
Although there was growth in all markets, Lego mainly constructed its growth in China: the plastic blocks recorded double-digit growth, compared to an increase in sales below 10 % in Western Europe. As a result, more than half of the 150 new stores to be opened next year, will be located in China.
CEO Niels Christiansen says that Lego gained market share in all core countries and outperformed the general toy market. Regarding the impact of the coronavirus, the CEO emphasises that the strategy or plans will certainly not change in the long term.
