LEGO shows record sales due to quarantine

Consumers of all ages have turned to iconic toy cubes during the pandemic.

Lego A / S sales and profits hit record highs in 2020 as consumers of all ages turned to the company’s iconic toy cubes during the pandemic, according to company data.

Net profit rose 19% to 9.9 billion kronor ($1.6 billion), while sales rose 13% to 43.7 billion kronor ($6.9 billion). This has never happened in the entire history of the company.

Under the leadership of Chief Executive Officer Niels B. Christiansen, LEGO has invested heavily in online platforms and products where cubes are combined with digitized dots.

“Over the past two years, we have invested heavily in initiatives aimed at supporting long-term growth. In 2020, we started to see the benefits of this, especially in e-commerce and innovative products,” the company said in a statement.

The company also said it increased the number of its branded physical stores by about 25% last year, bringing its global presence to 678 stores.

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Author: Steve Cowan
Graduated From Princeton University. He has been at the Free Press since October 2014. Previously worked as a regional entertainment editor.
Function: Chief-Editor
Steve Cowan

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