Demand for bigger sets helps Lego sales jump in 2022

·1-min read

Lego sales jumped last year as the Danish toy giant said shoppers were buying bigger and more complicated sets.

The company revealed it also raised prices on some high-ticket items after witnessing higher costs to make its products.

Lego said revenues grew by 17% to 64.6 billion Danish krona (£7.7 billion) in 2022 compared with the previous year, including the impact of currency changes.

It said the increase was driven by “strong demand” for its product portfolio and online and in-store retail partnerships.

Consumer sales grew by 12%, boosted by positive performances in Western Europe and the Americas.

It highlighted that demand was particularly strong for ranges, such as Lego City, as well as toys made with partners such as Star Wars and Harry Potter.

Lego Group chief executive Niels B Christiansen said: “I am very satisfied with our performance.

“We achieved double-digit top line growth and landed the year beyond expectations on the back of exceptional growth last year and despite challenging market conditions.

“This was due to our relevant brand, a fantastic, diverse portfolio, inspiring shopping experiences and outstanding execution from our teams.”

Lego said it also benefited from the opening of 155 new Lego branded stores during the year, taking the company to a portfolio of more than 900 sites.

The company saw operating profits increase by 5% to 17.9 billion Danish krona (£2.1 billion) for the year.