Lego profits drops in first half of 2023

The Danish toymaker, Lego saw its profits drop 17.7% to 5.5bn Danish kroner (£634m; $807m) in the first half of 2023.

Citing the BBC, Niels Christiansen, chief executive officer of Lego said the fall in profits had been due to higher raw material costs and more money being spent on factories.

However, revenues have since stalled, with sales up just 1% in the first half of the year.

For the company, China remains a “long-term growth” target where it already has large flagship stores in Shanghai and Beijing.

Lego is currently building two new factories in Vietnam and the United States that will open in 2024 and 2025, reported the source.

Noticeably, Lego’s sales were going well especially during the Covid-19 pandemic lockdown. Despite the fall, Lego remains the world’s leading toymaker.


About Kanlayakorn Pengrattana

Kanlayakorn 'Princess' Pengrattana is a freelance writer at ScandAsia.

View all posts by Kanlayakorn Pengrattana

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