The LEGO Group has today (28 August) revealed its earning for the first half of 2024 – delivering double digit growth on the top and bottom line and significantly outpacing the toy industry, gaining market share.
Top-line growth was driven by strong demand for its large and diverse portfolio, especially in Americas and Europe, and excellent execution in all markets. At the same time, the LEGO Group continued to increase spending on strategic initiatives to drive short- and long-term growth.
In the first six months, the LEGO Group’s revenue increased by 13% to DKK 31.0 billion compared with DKK 27.4 billion in H1 2023. Consumer sales grew 14%, significantly outperforming the toy industry.
Operating profit grew 26% versus H1 2023 to a record DKK 8.1 billion, while the company significantly increased spending on strategic initiatives such as sustainability, retail and digitalisation to support short- and long-term growth. The LEGO Group plans to further accelerate spending on these initiatives in the second half of the year.
Net profit grew 16% to DKK 6.0 billion compared with DKK 5.1 billion in the first half of 2023.
In the first six months, the LEGO Group launched around 300 new sets, which ensures the portfolio remains diverse and offers build experiences for fans of all ages and interests.
Some of the top performing themes were a mix of homegrown and licensed themes such as LEGO Icons, LEGO City and LEGO Technic, as well as LEGO Star Wars and LEGO Harry Potter (pictured).
In the first half of the year, the company celebrated the anniversaries of some of its longest-standing and most popular themes including the 25th anniversary of LEGO Star Wars and 15 years of the fan-designed theme LEGO Ideas and gaming icon LEGO Minecraft.
The LEGO Group continued to expand LEGO play offerings on Fortnite with the launch of LEGO Islands, a series of kid and family-friendly experiences. It will bridge digital and physical play with the release of the first LEGO Fortnite sets in October.
“We are very pleased with our strong performance in the first half,” commented Niels B Christiansen, ceo at The LEGO Group. “We delivered double-digit growth on the top- and bottom-line and made significant progress on increasing the amount of sustainable materials used in our products.
“Our portfolio continues to be relevant for all ages and interests, and this is driving significant demand across markets. We used our solid financial foundation to further increase spending on strategic initiatives which will support growth now and in the future to enable us to bring learning through play to even more children.”
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