Lego earnings rose 27% in 2021, as children and adults persist to build
Key takeaways:
- On Tuesday, Lego said its annual income leaped 27%, reaching 55.3 Danish kroner, or approximately $8.06 billion, up from 43.7 Danish kroner, or about $6.36 billion, in 2020.
- Lego was one of the toy firms that witnessed tremendous profits during the pandemic, as customers of all ages gravitated toward its construction sets for joy.
- The firm touted its various selection demands a wide range of ages, and its e-commerce business accounted for the sales overflow.
Lego gains increasing 27%:
Sales of Lego building kits persisted in flying in 2021, as kids and adults remained home to make “Star Wars” and “Harry Potter” ideals long after the coronavirus lockdown terminated.
The privately-held Danish toymaker said its yearly earnings bounced 27%, reaching 55.3 Danish kroner, or approximately $8.06 billion, up from 43.7 Danish kroner, or roughly $6.36 billion in 2020.
Lego was one of the toy firms that witnessed huge profits during the pandemic, as clients of all ages gravitated toward its construction sets for entertainment.
The company touted its various preference of toys and their appeal across generations and its e-commerce business to account for the sales overflow.
The top-performing brands were Lego City, Lego Technic, Lego Creator Expert, Lego Harry Potter, and Lego Star Wars. These kits vary in size and complication, with the firm saying the themes make it entertaining for kids to learn building crafts while providing an innovative platform for adults.
As it enters its 90th year, Lego anticipates its growth rates to standardize and transition back to single-digit increase. Also, in mid-2022, the firm plans to start phasing in sustainable sales packaging to substitute single-use plastic bags it uses to divide Lego bricks.