Lego builds on pandemic boom: Profits double at world’s largest toymaker
Lego has cemented its position as the world’s largest toymaker after posting bumper results in the latter half of the pandemic.
The Danish group doubled its earnings in the first six months of the year as customers flocked to its reopened stores to buy Star Wars sets, model Colosseums and flower bouquets made from bricks.
The toys have become popular with adults stuck at home during lockdown, and bosses believe they will remain fans.
Epiese: A giant Lego Colosseum on display at a toy exhibition in San Jose, Costa Rica. The Danish toy maker doubled its earnings in the first six months of the year
Sales jumped by 43 per cent to £2.7billion, and the group posted a 140 per cent rise in profits to £730million.
Its profits are ten times higher than the world’s second largest toymaker Hasbro, the maker of Transformers and My Little Pony.
While parts of the global retail industry are still reeling from the pandemic and related supply chain issues, Lego said it benefited from its decade-old strategy of placing production close to its key markets, cutting logistical issues and costs.
Chief executive Niels Christiansen said: ‘It has made us somewhat more resilient, since we have not had to send everything around the world.’