The Danish family-owned company Lego, known for its colourful plastic bricks, said that sales rose to 64.6 billion Danish crowns ($9.25 billion) last year. According to the company this is partially due to store openings in China.
Last year the company opened 155 new stores, bringing the total number of Lego shops globally to more than 900.
“We have really good momentum, and I think it will continue in 2023,” Lego Chief Executive Niels Christiansen told Reuters.
Lego plans to open another 145 stores in 2023, mainly in China. Christiansen said in an interview, that he expects the store openings to assist the company sales to grow by a high single-digit percentage.
The Danish company, which employs more than 27,000 people globally, experienced sales spike both during the pandemic where many people stayed home and after lockdowns were lifted.
“After a few extraordinary years we may see a return to more normal growth,” Christiansen said. “But we believe we can continue to outpace the market.”
Lego’s operating profit of 17.9 billion crowns was up 5% from 2021, after a 32% growth the previous year.
As a part of the company’s plan to place production close to its key markets, Lego also works on opening new factories in Vietnam in 2024.