The LEGO Group has today announced their financial results for last year (2023). On the whole, it was a fairly positive year for the company, as they outperformed the struggling toy market to increase their global market share. Direct-to-consumer sales and revenue both improved relative to their 2022 benchmarks; the former growing by 4%, the latter by 2% to DKK 65.9 billion. Despite this, TLG’s operating profit dropped to DKK 17.1 billion from DKK 17.9 billion the year before (although the second half of 2023 saw 7% growth compared to the same period in 2022). According to LEGO, this was driven by additional investment in diverse strategic areas. Chief among these is a 60% year-on-year increase in their spending on environmental initiatives. The total spend in this area is projected to double by 2025.
These are the headline figures; more details can be found after the jump. But in the meantime, here’s what LEGO Group CEO Niels B. Christiansen made of the results:
“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.”
“Despite the external market conditions, we continued to invest for the future and made good progress on digital, sustainability and retail initiatives that will support long-term growth. We are grateful for our dedicated colleagues who remain committed to our mission to inspire and develop the builders of tomorrow.”
