Consumer demand for LEGO products continues to be insatiable.
The LEGO Group, one of the few privately held toy companies to report earnings publicly, reported that consumer sales for its products grew 13% in the first six months of 2022. The news reflects a continued trend of LEGO outpacing the global toy industry as it gains market share in toy departments around the world.
“We got off to a strong start in 2022 and are very satisfied with our performance which landed above expectations after an exceptional 2021,” says LEGO Group CEO Niels B. Christiansen. “Despite global uncertainties, we continued to deliver higher consumer sales and double-digit topline growth driven by demand for our strong portfolio and execution by our amazing team. Across the world, we celebrated our 90th anniversary and are grateful that after nearly a century LEGO play remains relevant and continues to inspire families and children.”
According to the company, its global revenue grew to DKK 27 billion, approximately $3.487 billion USD. That’s a 17% spike in revenue compared to the same period last year.
The top themes this year include LEGO Star Wars, LEGO Technic, LEGO Icons, LEGO City, LEGO Harry Potter, and LEGO Friends. The company says that its 2022 product portfolio has the largest available assortment on record in an effort to reach builders of all ages and interests, including art and design, cars, music, sports, space exploration, and more.
Looking ahead, the company is continuing its focus on upgrading its infrastructure and manufacturing base while continuing to achieve its sustainability goals and retail expansion.
“For the second half of 2022, we continue to see strong demand for our products. Longer-term we expect top-line growth to normalize to more sustainable levels,” Christiansen says. “We will also continue to reinvest in our business and accelerate initiatives such as product innovation, digitalization, production capacity, our retail network, and sustainability to maintain momentum and deliver sustainable growth in the long-term. These significant investments will position us well in the future to bring learning through play to more children around the world.”
While its stores in Russia remain closed, The LEGO Group opened 66 new LEGO Stores in the first half of the year, 46 of which are in China. The company currently operates 833 stores around the world.
This week, LEGO leaned into its bestselling theme with the unveiling of the LEGO Star Wars Razor Crest Ultimate Collector Series set (pictured top). Inspired by the first starship piloted by the titular hero of The Mandalorian on Disney+, the 6,187-piece construction set is priced at $599.99 and goes on sale Oct. 1.