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Lego revenue hurt by retailer bankruptcies in the US
COPENHAGEN – Lego says its revenue dipped in the first half of 2018, with business in North America hurt by changes in the retail industry such as the bankruptcy of store chain Toys’R’Us.
The privately-held company says revenue fell 5 per cent to 14.3 billion kroner ($2.2 billion) in January-June compared with a year earlier. Net profit dropped 10 per cent to 3 billion kroner ($467 million). The company also blamed the weakening of the dollar. At constant currency rates, it said sales were stable.
The group doesn’t release quarterly figures.
Lego is recovering from a slump in 2017, when its sales fell for the first time since 2004 from record highs.
CEO Niels B. Christiansen said Tuesday the plan “is to stabilize the business,” and said the results “show we’re on track.”
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