Lego happy after “exceptionally bad” year for toys

Danish toy giant Lego was quite happy with its moderate growth last year. Sales grew only 2 %, but 2023 was an “exceptionally bad year for toys”.

A thousand shops

2023 was the “most negative year” for the international toy market in more than fifteen years, CEO Niels B. Christiansen claims. A 2 % sales growth to 65.9 billion Danish kroner (8.8 billion euros) means that the brand significantly outperformed the market, increased its market share and saw strong momentum in the last quarter. Direct sales to consumers, through own shops and online, rose 4 %.

Lego’s operating profit fell 5 % to 17.1 billion kroner (2.3 billion euros), mainly due to additional investments. In 2023, Lego opened 147 shops, bringing the global total to 1,031. The company also spent 60 % more on environmental initiatives and launched a new membership programme, Lego Insiders. As in previous years, new products made up about 50% of the portfolio.