Last Updated on December 27, 2019 by Danielle
LEGO reported its highest earnings in its 85-year history.
LEGO, the Danish toy company, announced its revenue results from 2016. It delivered a 6% increase in revenue, marking the highest level in the company’s 85-year history. LEGO has also experienced higher profit levels. According to reports, operating profit increased 1.7% while net profit was up 2.2%.
The LEGO Company announced digital products will be a primary focus for the company in its efforts to engage children digitally. One of its key products related to this focus will be LEGO Boost. LEGO Boost was honored by Toy Buzz as one of its Top Toys of the Year.
Bali Padda, The LEGO Company’s CEO, stated that they are quite satisfied with last year’s performance. The first part of the year was strong and consumer sales growth was better than in prior years in the latter half of 2016.
Padda commented that their performance in mature European markets is promising and China represents a growth opportunity for the company. According to Padda, China shows strong potential.
Padda noted that in the United States, consumer sales were flat – comparing sales year over year. Apparently, LEGO spent significantly more in the second half of 2016. Padda said they will continue collaborating with their retail partners to identify new business opportunities to drive growth and innovation.