Denmark-based toy company Lego has reported total revenues of DKr27.4bn ($4bn) in the first half (H1) of fiscal year (FY) 2023.

This is a 1% increase compared to the corresponding period in FY22.

The company’s consumer sales for the period rose by 3% against H1 2022, driven by increasing demand for relevant and diverse portfolios.

Lego registered an operating profit of DKr6.4bn in H1 FY23, down from DKr7.9bn in H1 2022.

Net profit declined to DKr5.1bn over the period from DKr6.2bn a year ago.

Lego CEO Niels Christiansen said: “We are satisfied with our performance, especially as it has been a challenging six months for the toy industry. Demand for our products saw us outpace the industry and significantly grow market share.

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“Our strong financial position allows us to invest for the long term, particularly in areas such as digital, sustainability and manufacturing. Overall, our performance is in line with expectations, after three consecutive years of extraordinary growth and we are grateful for our great colleagues who work each day to inspire children through play.”

In a separate development, the toy retailer pledged to achieve net-zero greenhouse gas (GHG) emissions by 2050.

The commitment is part of Lego’s continued efforts to reduce its environmental impact.

The company submitted its intention to the Science Based Target initiative (SBTi) and said that it will collaborate with the SBTi to develop a target that will cover Scope 1, 2 & 3 emissions.

The SBTi has already approved Lego’s earlier commitment to reduce GHG emissions by 37% by 2032, with 2019 as the base year.

Christiansen added: “Our immediate priority is to meet our 2032 carbon reduction targets and we’re making progress across a range of initiatives.

“This new, long-term goal will ensure that the decisions we make today will reduce our carbon footprint over the coming decades. It will also encourage future generations of Lego employees, partners and suppliers to continue working with a sense of urgency to reduce the environmental impact of our business.”