(Bloomberg) — Lego Group, the world’s largest toymaker, said profit jumped by a third last year, helped by new products and families spending more in lockdown.
Net income rose to a record 13.3 billion kroner ($1.94 billion) from 9.9 billion kroner in 2020, the closely-held company, based in the Danish city of Billund, said on Tuesday. Revenue grew 27% to 55.3 billion kroner, also a record.
Lego has invested in developing new products, including toy sets that couple its iconic building blocs with digital elements. The company emerged as one of the pandemic winners as consumers increased spending on goods while staying at home. On Tuesday, Lego said the 2020 shift to more online sales continued last year.
“We saw the benefits of strategic investments made over the past three years to innovate our portfolio, expand and evolve our retail experiences and increase capacity within our global supply chain network,” Chief Executive Officer Niels B. Christiansen said in a statement.
The company, which is controlled by the family of billionaire Kjeld Kirk Kristiansen, said top selling products included its classic Lego City series as well as boxes with themes based on the Star Wars and Harry Potter movies. It won market share in its largest markets but said it expects 2022 “to normalize” with “single-digit” growth.
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