Danish toy company LEGO has reported its revenue for the fiscal year 2021 (FY21) grew by 27% to kr55.3bn ($8.07bn) compared with 2020.

The company’s consumer sales also rose by 22% from the previous year.

Despite strategic investments and increasing costs of freight and raw materials, LEGO’s operating profit for FY21 increased by 32% to kr17.0bn compared with 2020.

Its net profit also increased from kr9.9bn to kr13.3bn year-over-year.

LEGO Group CEO Niels Christiansen said: “I am grateful for everything the LEGO Group was able to achieve in 2021.

“Our passionate and committed team of more than 24,000 colleagues showed tremendous dedication and resilience to keep the world playing.”

By focusing on product innovation and expansion across new and existing markets, LEGO expects its growth rates to normalise and transition to single-digit growth this year.

The company opened 165 stores last year, taking its total store network to 832 worldwide.

To expedite its future growth, the company plans to continue investments in product innovation, retail channels, production capacity, digitalisation and sustainability.

Christiansen added: “In 2021 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.

“I am excited about our ability to continue to invest against these priorities due to our strong financial results.

“Combined, these investments will allow us to bring LEGO play to many more children around the world now and for generations to come.”

In a separate development, LEGO has decided to stop delivering toys to its stores in Russia amid the country’s invasion of Ukraine.

The company owns around 80 independently owned stores in Russia.

Earlier this year, LEGO revealed plans to expand the manufacturing capacity of its factory in Jiaxing, China.