Lego Reports 2% Revenue Increase in 2023, Focusing on Long-Term Strategies
Danish toy company Lego has announced a 2% increase in revenue for 2023, reaching 65.9 billion Danish krone. Despite facing challenges throughout the year, CEO Niels Christiansen noted that Lego was able to take market share and increase consumer sales by 4%.
Operating profit for Lego slightly declined to 17.1 billion Danish krone, as the company ramped up spending on growth initiatives. Net profit for the year was 13.1 billion Danish krone, a decrease from the previous year’s 13.8 billion.
One of the main reasons for Lego’s revenue growth was the increasing demand in the U.S. and central and eastern Europe, which helped offset a slump in China. The wider toy industry has been struggling to maintain growth after the pandemic boom, with rival company Hasbro reporting a 15% revenue decline in 2023.
Looking towards the future, Lego is focusing on long-term strategies to remain relevant and “cool with kids.” Despite challenges, the company is committed to innovation and staying competitive in the ever-changing toy market.
Overall, Lego’s 2023 financial results reflect a year of perseverance and adaptation in the face of industry challenges. With a commitment to growth and innovation, Lego is positioning itself for future success in the global toy market.
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