Trade

Lego sales rise amid pandemic

by Cameron Jenkins - 03/10/21 10:07 AM ET

Lego saw an increase in sales last year as more children were confined to their homes due to the coronavirus pandemic and parents purchased the popular blocks to keep them busy.

The company reported that its net profit rose 19 percent to $1.6 billion. Sales also swelled 21 percent, allowing the company to grow in its 12 largest markets, according to The Associated Press.

The toymaker’s chief executive, Niels B. Christiansen, however, told the AP that the “super strong results” in sales were a result of the company’s shift to online sales.

“This is not COVID-related. This was an evolution that started a while ago,” Christiansen said. “In 2020, we began to see the benefits of these, especially in e-commerce and product innovation.”

He also noted that the company’s website has seen more than 250 million clicks and the growth in sales was strongest in China, the Americas, Western Europe and Asia Pacific, the AP reported.

Online sales helped the company to offset any losses from the closures of stores and factories due to the pandemic.

“We had factories that had been forcefully shut down and shops closed … some have reopened, others are still closed,” Christiansen said. “The past year has shown the importance of having an agile, responsive business built on strong digital foundations. I expect that 2021 will see sales increase.”

Tags Coronavirus Lego Pandemic