Lego Says Profit is Down but Business is Clicking, Especially in China
Toymaker Lego said Tuesday its revenue rose 4% in the first half of 2019 but significant investments to grow its business in China and India led to a 12% drop in net profit.
The privately-held company reported first-half revenue of 14.8 billion kroner ($2.2 billion), while net profit dropped to 2.7 billion kroner ($400 million).
CEO Niels B. Christiansen said the group was “satisfied with our performance given the transformative shifts which continue to reshape the global toy industry.”
Christiansen said that the investments were meant to grow existing operations, open new markets in China and India, and develop online sales platforms, among other things.
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