LEGO Group's 2024 First Half Financial Performance Soars with 13% Revenue Growth

Remarkable Revenue Growth

The LEGO Group has reported impressive financial results for the first half of 2024, with a notable 13% increase in revenue, amounting to DKK 31 billion (approximately $4.65 billion USD) compared to the same period in 2023.

Thriving Consumer Sales

Consumer sales saw a substantial 14% growth, outperforming the overall toy industry and underscoring the popularity and strength of the LEGO brand.

Record-High Operating Profit

Operating profit reached a record DKK 8.1 billion, a 26% increase, driven by robust revenue growth and strategic investments.

Net Profit and Cash Flow Surge

Net profit grew to DKK 6 billion, up 16% from the same period last year. Cash flow from operating activities also saw a significant rise of 60%, totaling DKK 7.5 billion.

Strategic Initiatives Fuel Growth

The LEGO Group continued its focus on strategic initiatives, including sustainability, retail, and digitalization. Investments in these areas are set to support both short- and long-term growth.

Advancing Sustainability Efforts

Significant strides were made in sustainability, with nearly doubled use of renewable and recyclable materials in LEGO bricks compared to 2023. The company aims to source half of its raw materials from sustainable origins in the coming years.

Gaining Market Share

The LEGO Group outperformed the toy industry, gaining market share driven by strong demand for its diverse product portfolio in the Americas and Europe.

Expanding Product Line

Approximately 300 new LEGO sets were launched in the first six months of the year, catering to fans of all ages. Top-performing themes include LEGO Icons, LEGO City, LEGO Technic, LEGO Star Wars, and LEGO Harry Potter.

Geographic Sales Performance

While the U.S. and Europe saw robust sales, China experienced stagnation. Despite this, the LEGO Group is committed to growth in the Chinese market with plans for further store openings.

CEO's Insight

Niels B. Christiansen, CEO of the LEGO Group, expressed satisfaction with the company's performance, emphasizing the relevance and demand for the LEGO portfolio. Christiansen highlighted the company's steadfast commitment to sustainability and its solid financial foundation supporting future growth.

Conclusion

In summary, the first half of 2024 has been a period of remarkable financial performance for the LEGO Group, characterized by strong revenue growth, consumer sales, and strategic investments in sustainability and innovation. The continued expansion of product lines and market share gain underscore the LEGO Group's resilience and commitment to driving long-term growth.