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Lego Grabs Market Share After First Half Sees Surge in Demand

Lego Grabs Market Share After First Half Sees Surge in Demand

Danish toymaker Lego A/S said it saw solid sales growth in the first half after demand for its iconic colored building blocks soared.

Sales rose 7% from a year earlier to 15.7 billion kroner ($2.5 billion), feeding an 11% gain in operating profit, the company said on Wednesday. Lego also said its share of its biggest markets grew faster than the industry overall.

Chief Executive Officer Niels B. Christiansen said the company was able to deliver “an extraordinary” performance during the pandemic. He said that Lego was able to reap the benefits of previous investments in areas such as online sales.

The company also announced the appointment of a new chief financial officer, Jesper Andersen, who is joining the company from Upfield.

©2020 Bloomberg L.P.