Toy maker LEGO reports strong growthFebruary 24th, 2009 - 12:51 pm ICT by IANS
Stockholm, Feb 24 (Xinhua) Denmark’s toy maker LEGO Group has announced that 2008 was a successful year for it, with considerable increase in both sales and profit despite the financial crisis that swept the whole world.
Net profit for the year amounted to 1.35 billion kroner (about $232 million) against 1.03 million kroner (about $177 million) in 2007.
Revenue amounted to 9.53 billion kroner (about $164 million) against 8.03 billion kroner (about $138 million) in 2007, an increase of 18.7 percent, said LEGO Group in its Annual Report 2008 released Monday.
Nearly all the LEGO Group’s markets registered two-digit growth rates in 2008.
The LEGO Group pointed out in the report that classic play themes such as LEGO City are still among the largest product lines.
LEGO Star Wars also achieved an extensive growth in 2008, while the launch of the licensed product LEGO Indiana Jones turned out to be very successful.
“Our results for 2008 have been extraordinarily good,” said Joergen Vig Knudstorp, president and CEO of the group, adding that despite gloomy economic prospects, the company felt well prepared for growth in 2009 as well, with its optimism supported by the results seen in the first months of the year.
The LEGO Group was founded in 1932. The family-owned group has come a long way from a small carpenter’s workshop to the world’s sixth-largest manufacturer of toys. It has been publishing earnings reports since 1997.