Lego’s revenue reached $9.7 billion last year, up 2% from the previous year. However, management pointed out that growth well outpaced the competitive market. Operating income was $2.5 billion, another demonstration of how well the company manages its margins.
CEO Niels B. Christiansen commented, “We are pleased with our performance given that 2023 was the most negative toy market in more than 15 years. We continued to grow on top of three years of extraordinary growth and saw strong momentum in the final quarter of 2023. We significantly outpaced the market, growing share and proving the appeal of our strong, diverse portfolio and the LEGO® System in Play.”
Publicly traded peers Mattel, Hasbro, Funko, and Jakks Pacific had double-digit revenue and sales declines last year. (See which 15 toys were popular when baby boomers were kids.)
Among Lego’s strengths is its nearly 800 products. It continues to churn out new products, which accounted for about half of its sales in the fiscal year. Another strength is its global reach. It does business in 120 countries.
CNBC reported on the strength of the company’s portfolio: “The toymaker’s top-performing brands last year included Lego Icons, Lego Technic, Lego City, Lego Harry Potter and Lego Star Wars. These kits range in size and difficulty, with the company saying the themes make it fun for children to learn building skills while providing a creative outlet for adults.”
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