Lego's revenue increased by 2% in 2023, outperforming the global toy sales decline

From CNBC:

The Lego company defied industry trends, posting 2% sales growth in 2023 as global toy sales slipped 7%. Despite pandemic-era gains fading, Lego’s revenue reached 65.9 billion Danish krone. CEO Niels Christiansen praised the brand’s ability to outgrow the market, even in tough times.

Lego’s success stems from massive gains during the pandemic, with sales jumping 27% in 2021 and 17% in 2022. Its top brands last year included Lego Icons, Lego Technic, Lego City, Lego Harry Potter, and Lego Star Wars. The company offers a wide range of sets for all ages, boosting creativity and building skills.

Though facing macroeconomic pressures, Lego maintained a strong product lineup with around 50% new items each year. Despite a 5% drop in net profit in 2023, the company remains resilient. However, revenue declined in the key Chinese market, as consumers held back on spending.

Lego has been expanding its presence in China, opening hundreds of retail locations and focusing on brick-and-mortar expansion in smaller cities. The brand also launched Lego Fortnite, a partnership with Epic Games, to engage with children in the digital realm. A 27% growth in the digital team shows a commitment to enhancing online experiences.



Read more at CNBC: Lego 2023 revenue ticks higher, despite trade-downs and China slump