Lego's income surged by 17% within the first half of 2022, hitting $3.5 billion.
Bloomberg through Getty Photographs
Lego, the world’s largest toymaker, reported document gross sales Wednesday from strong demand for its colourful plastic bricks regardless of rising prices and inflation hitting shoppers.
The Danish firm, celebrating its ninetieth birthday this 12 months, mentioned income surged 17% within the first half of 2022 to hit $3.5 billion. Shopper gross sales grew 13% in all market teams, with robust performances within the Americas, Western Europe and Asia Pacific, Lego reported.
Themed merchandise akin to Harry Potter, Star Wars and Technic units helped working revenue for the interval to stay regular from final 12 months at about $1 billion.
“We're grateful that after practically a century Lego play stays related and continues to encourage households and kids,” CEO Niels Christiansen mentioned. “Regardless of international uncertainties, we continued to ship increased shopper gross sales and double-digit high line progress pushed by demand for our robust portfolio.”
“We enter the height Christmas season with good momentum,” he added.
The corporate has been on a progress and revenue maximization spree. Within the first six months of 2022, it opened 66 shops worldwide, 46 of them in China, bringing its worldwide complete to 833.
Prompted by increased prices of vitality, freight and plastic resin, Lego in August elevated costs for a few of its merchandise, though gadgets geared toward youngsters had principally been shielded towards value will increase, Christiansen mentioned.
The corporate reported that its progress outpaced the worldwide toy sector progress of 1%.
The family-owned firm additionally has made commitments to enhance its carbon footprint. In June, Lego introduced it is going to make investments $1 billion on a carbon-neutral manufacturing unit in Virginia — the second within the works after asserting plans final 12 months to open one in Vietnam. Each factories will supply supplies from renewables onsite.
The corporate additionally mentioned it is going to start rolling out paper-based packaging in Europe within the second half of the 12 months and desires to remove plastic luggage by the top of 2025.
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