Lego's 2024 Revenue Surges 13% Amid Strong Global Sales and Sustainability Efforts

Lego's revenue surged 13% in the first half of 2024, reaching 31 billion Danish krone ($4.65 billion). CEO Niels Christiansen attributes the strong performance to robust sales across Lego Icons, Lego Creator, and the Lego Fortnite collaboration. Despite inflationary pressures, Lego has experienced volume growth rather than merely price increases.

Competing toy companies Mattel and Hasbro faced challenges, with Mattel's sales declining by 1% and Hasbro's by 21%. Lego's extensive product range, spanning from Harry Potter to Star Wars sets, has maintained high demand.

Sales in the U.S. and Europe are strong, but those in China remain stagnant. Lego intends to open 40 new stores worldwide in the second half of 2024, including 20 in China, banking on long-term growth potential.

Lego's commitment to sustainability is noteworthy. The company has nearly doubled the use of renewable and recyclable materials in its products this year. Christiansen highlights Lego's dedication to paying a premium for sustainable materials, aiming to drive industry transformation.

Lego plans to source half of its raw materials sustainably within the next few years. This emphasis on sustainability, coupled with a diverse product portfolio, positions Lego favorably despite economic challenges.