Lego Profit Rises As It Gains Market Share

Sumaira FH Published August 28, 2024 | 12:10 PM

Copenhagen, (APP - UrduPoint / Pakistan Point News - 28th Aug, 2024) Lego, the world's largest toy maker, said Wednesday that its net profit grew 16 percent in the first half of the year as it gained ground in a slowing market.

The Danish company said its first-half sales rose 13 percent to 31 billion kroner ($4.6 billion) while net profit rose to 6 billion kroner.

"This growth has been driven by the Lego Group taking a higher share," chief executive Niels Christiansen said in an interview with AFP.

The group, best known for its plastic bricks and whose name is a contraction of "play well" in Danish ("Leg godt"), launched around 300 new products during the first half, while continuing to see higher revenue from franchises such as Star Wars and Harry Potter.

The company also recently announced that it was forming a partnership with Nike to develop products and content together.

Sales rose the strongest in Europe and North America, but were slower in China.

"We will continue to build the Lego brand in China, to open stores. The potential is there," Christiansen said.

The company is controlled by the descendents of its founder and is not quoted on the stock market.