Danish toy production company the LEGO Group has reported strong first-half results for 2021, with all its market groups delivering double-digit consumer sales growth.
The group’s revenue during the period increased by 46% to kr23.0bn ($3.6bn).
Operating profit also increased by 104% to kr8.0bn ($1.3bn) compared to the same period of last year, while net profit grew by 140% to kr6.3bn ($989m).
The company’s consumer sales rose by 36% for the period. LEGO City, LEGO Star Wars, LEGO Harry Potter, LEGO Creator Expert and LEGO Technic were the best-performing themes.
Online sales across the company’s own platforms and those of its partners jumped by 50% against the previous year.
This increase was attributed to the group’s investments in its physical and digital retail channels during the period.
LEGO Group CEO Niels Christiansen said: “Our performance was driven by strong demand for our portfolio, which has attracted new builders to the LEGO brand.
“Our year-on-year growth benefitted from fewer Covid-related restrictions compared with 2020, as our factories operated uninterrupted and the majority of retail stores re-opened.
“We also saw the benefits of multi-year investments in e-commerce, product innovation and a global supply chain network.
“Our strong financial performance now allows us to accelerate strategic investments in sustainability and digitalisation.”
During the first half of 2021, LEGO opened more than 60 LEGO-branded stores, more than 40 of which are in China.
As of 30 June, the company operated a network of 737 retail stores, with 291 of these located in China.
In June, LEGO launched a flagship store in New York City. The company plans to introduce this store format to around 60 locations during the second half of the year.
Christiansen added: “Longer-term, we expect top-line growth to stabilise to more sustainable levels as people return to pre-pandemic spending patterns.
“This trend, combined with our plans to accelerate re-investments into the future of the business, is expected to result in more normalised profit levels moving forward.”