The LEGO Group announces slowdown in growth for the first half of 2023
According to their most recent press release, the LEGO Group’s revenue for the first half of 2023 is up only 1% over the same period in 2022. Similarly, consumer sales grew by 3% compared to that same period last year. And while a positive number is definitely better than a negative one, this rate of expansion pales in comparison to the stats thrown up over the last three years by TLG (revenue was up 17% for the first half of 2022, for example). However, amid a shrinking toy market, these numbers are outstanding when compared to their peers. And in that hostile environment, TLG managed to further grow its market share over this period.
CEO Niels B Christiansen remains undeterred by the slowdown: “Our strong financial position allows us to invest for the long term, particularly in areas such as digital, sustainability and manufacturing. Overall, our performance is in line with expectations, after three consecutive years of extraordinary growth and we are grateful for our great colleagues who work each day to inspire children through play.” In that vein, work continues on new factory construction in the US and Vietnam, as well as expanding facilities in Mexico, the Czech Republic, Hungary, and China.
If you’d like to read the press release in full, it’s available via the LEGO Newsroom page.
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