Lego suffered its worst fall in profits in almost two decades as revenues stagnated after an extraordinary growth spurt from the Covid-19 pandemic came to an abrupt end.
The privately owned Danish toymaker said on Wednesday that sales in the first of the year were up 1 per cent to DKr27.4bn ($4bn) but that operating profits had dropped 19 per cent to DKr6.4bn, their biggest fall since at least 2004.
Niels Christiansen, chief executive, told the Financial Times he remained “very satisfied” as the group was outperforming a “very challenged” toy industry and cementing its position as the world’s largest toymaker by sales and profits.
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