JB Hi Fi sells Lego Games, and Nine Entertainment is set to roll out another new Lego TV show, but the big question is having Lego peaked with the business reporting a big slump in profits.
Lego has warned that their business is under pressure in 2024 after net profits fell 5% to $2.50 billion in 2023, off the back of annual sales of $14.55bn.
The decline in profits was in a year when the global toy market declined 7% last year.
The rise was supported by strong growth in the US and central and eastern Europe, but was counteracted by poor performance in Asia Pacific, as sales dropped due to “challenging economic conditions”.
Lego CEO Niels Christiansen said: “We are pleased with our performance given that 2023 was the most negative toy market in more than 15 years.”
The business said it saw “strong momentum in the final quarter of 2023,” aided by spend during the lead up to Christmas.
The results come after Lego opened 147 stores last year, more than half of them based in China, and invested in offices and new and existing factories.
