Lego outplays wobbly game market
STORY: Lego sales were up last year despite a dropoff in China.
It also grabbed market share in what the firm called the most downbeat toy market in 15 years.
That was the update from the Danish giant Tuesday (March 12).
Lego said the world's toy market fell 7% in 2023, but consumer sales for its colorful plastic bricks rose 4%.
It was driven by strong growth in the United States and Central and Eastern Europe.
Lego revealed total revenue grew 2% last year to $9.65 billion.
CEO Niels Christiansen said the family-owned company could continue to outpace the global market.
He further added Lego expected single-digit sales growth this year.
Its main rivals - Barbie-maker Mattel and Hasbro, maker of My Little Pony - have both faced tepid sales due to persistent weak demand.
Lego has invested heavily in expanding production capacity and opening new stores over the last few years.
It opened 147 in 2023, bringing its total number of stores across the world to over 1,000.
More than half of the new openings were in China, where the number now exceeds 500.
But sales in the country fell due to what the Lego CEO called "macroeconomic" factors.
