Lego revenue up 17% in 2022
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The world’s largest toy manufacturer Lego has published performance results for 2022, in which the Danish company celebrated its 90th anniversary. Lego revenue for the reporting period increased by 17% and amounted to 64 billion Danish kroner ($9.2 billion), net profit increased by 4%, to $2 billion, operating income – by 5%, to $2.6 billion.
In terms of its performance, the company manages to outperform its American competitors Mattel and Hasbro. At the end of 2022, Mattel’s revenue and profit amounted to $5.4 billion and $400 million, respectively, while Hasbro had $5.9 billion and $200 million, respectively.
As Lego CEO Niels Christiansen notes, high demand for products is behind the growth in profits and revenue. “The reason is not the increase in product prices, but the fact that people are buying larger sets and more complex sets. So it is rather a combination of volume and cost,” he said in an interview. CNBC. In 2022, about 48% of Lego items were new products. The City, Star Wars and Harry Potter themed sets are some of the most popular sets among buyers.
In 2022, Lego opened 155 new stores around the world, about half of them in China. At the moment, the total number of Lego stores in the world is 904, and this year it plans to open 145 more. At the same time, according to Mr. Christiansen, attendance at Lego stores has already begun to exceed the level of pre-pandemic 2019.
In addition, the company intends to increase investment in digital games and online commerce. “We do a lot of things in the digital realm,” said Mr. Christiansen in an interview. Financial Times.— It is there that we increase investments. We know well how to immerse the customer in the Lego universe in stores. We’re also working hard to create the same sense of immersion in the Lego brand universe as digital.” In the near future, as reported, the company intends to reveal the details of its partnership to create a metaverse with Epic Games. About long-term cooperation of the company became known back in April last year.
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