LEGO announce earnings for 1HY 2023
Posted by Huw,
LEGO has today announced earnings for the first six months of 2023 and, as in recent years, it has seen growth in sales and revenue, although not as much as in the same period of 2022. Here are the headlines and full press release:
- Consumer sales grew 3 percent vs H1 2022 as demand for relevant and diverse portfolio continued.
- Revenue was DKK 27.4 billion, a growth of one percent versus an exceptional H1 2022.
- Market share grew significantly as the LEGO Group outperformed a declining toy market.
- Operating profit was DKK 6.4 billion compared with DKK 7.9 billion in H1 2022. This is in line with company expectations as it accelerated long-term strategic initiatives such as manufacturing, digital and sustainability. Net profit was DKK 5.1 billion vs DKK 6.2 billion H1 2022.
- Free cash flow was DKK 1.1 billion after investing in building new factories and expanding existing facilities.
- Pledge to achieve net-zero carbon emissions by 2050 across its full supply chain.
BILLUND, August 30, 2023: The LEGO Group today announced earnings for the first six months of 2023. Revenue was DKK 27.4 billion, a growth of one percent compared with H1 2022. Consumer sales grew three percent outperforming a declining toy market and contributing to strong market share growth.
Operating profit was in line with expectations at a solid DKK 6.4 billion compared with an exceptionally strong DKK 7.9 billion in H1 2022. The company continued to accelerate spending in long-term strategic initiatives including manufacturing, digital and sustainability.
CEO Niels B Christiansen said: “We are satisfied with our performance; especially as it has been a challenging six months for the toy industry. Demand for our products saw us outpace the industry and significantly grow market share.
“Our strong financial position allows us to invest for the long term, particularly in areas such as digital, sustainability and manufacturing. Overall, our performance is in line with expectations, after three consecutive years of extraordinary growth, and we are grateful for our great colleagues who work each day to inspire children through play.”
Financial overview
Continued demand for products and strong retailer confidence contributed to consumer sales growth. Revenue grew one percent as reported and was flat in constant currency compared with record first half revenues in 2022 despite the impact of retailers’ inventory management. Net profit was DKK 5.1 billion compared with DKK 6.2 billion in the first half of 2022.
Free cash flow was DKK 1.1 billion compared with DKK 3.8 billion in the same period last year which reflected planned investments in expanding manufacturing capacity globally and upgrading technology.
Market performance
Consumer sales in major, established markets such as Americas grew, while consumer sales in China were impacted by a slower than predicted return to pre-pandemic shopping habits. The company will continue to expand its retail footprint and online presence in China in 2023 and beyond to reach more children.
Portfolio and brand performance
The LEGO Group’s portfolio in 2023 will include more than 750 products which are designed to appeal to builders of all ages and interests. Around half of the portfolio each year is new, demonstrating the creativity and innovation of its talented designers.
The top performing themes in the first half were a mix of homegrown IPs and external IPs and included: LEGO Icons, LEGO Star Wars, LEGO Technic and LEGO City. LEGO DREAMZzz, the company’s new homegrown IP, was launched in March, with content featured across all major streaming and kids content platforms to build awareness before products went on sale in August.
The LEGO Group and Epic Games continue to make good progress on their partnership to create fun, safe digital experiences for children and expect to be able to share more information in the coming months.
The LEGO brand remains strong and in April was recognised by RepTrak as the most reputable brand in the world.
Strategic initiatives to drive long-term growth
The company stepped up strategic initiatives to deliver sustainable long-term growth and relevance.
-
Expanding global manufacturing network
The LEGO Group broke ground on a new factory in Virginia, US, in April and continued construction of a new factory in Vietnam. Both sites are USD 1 billion (DKK 6.7 billion) investments and aim to be carbon-neutral run once completed in 2025 and 2024 respectively. Capacity was also added to LEGO factories in Mexico, Czech Republic, Hungary and China. These investments further strengthen the company’s global manufacturing network, which locates production closer to major markets to ensure a short, efficient supply chain able to respond to shifting consumer demands and reduce carbon footprint. -
Building a sustainable future
The LEGO Group continued to make progress on a wide range of initiatives to reduce its environmental impact. In the first half, the company continued its transition to paper-based pre-packs and announced a partnership with the company European Energy to produce e-methanol which has the potential to be used in future products.
The LEGO Group aims to triple spending over three years on activity to reduce its carbon footprint, including using more sustainable materials, expanding usage of renewable energy and working towards its target to reduce carbon emissions by 37 percent by 2032. It also pledged to achieve net-zero greenhouse gas emissions across its full supply chain by at least 2050. -
Transforming shopper experience through digital
As part of its digital transformation, the company introduced technology that has improved shopper experiences in the first six months. This included an in-store point of sale app and new digital tools that flow orders between warehouses to reduce delivery times. The company continued its planned growth of its digital team and by the end of the year expects to have around 1,800 digital colleagues in four locations: Billund, Copenhagen, London and Shanghai. -
Memorable retail experiences
The company continues to expand the global network of LEGO branded stores* designed to create memorable brand moments for shoppers. It opened 89 new stores during the first half of 2023, taking the total number globally at the end of the period to 988. The company has also continued to strengthen e-commerce capabilities and performance across its own and partner platforms.
Inspiring future generations
The LEGO Group believes that learning through play gives children the best opportunity to develop life-long skills that will help them achieve their potential. During the first six months of 2023, more than 4.3 million children benefited from product donations and local community engagement activities.
Niels B Christiansen said: “We remain fully focussed on our ambition to inspire and develop more children around the world. We are proud to be in a strong financial position to deliver on this mission today and invest to ensure we continue to deliver for many generations in the future.”
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59 comments on this article
Lego doesn't continue to earn record-breaking profits yearly by pricing their sets reasonably.
I think they would make more with reasonable prices and more stock available… just my pov. I’m mean if I’m wrong, lego please let me know. ??
Good for them. Just wish the product quality would go up alongside their financial performance, and not down. I'm guessing more 18+ sets on the horizon as they move even more towards adult collectible market and away from strictly toy market.
Interesting that there is a "declining toy market".
Also "Around half of the portfolio each year is new, demonstrating the creativity and innovation of its talented designers." - I thought this demonstrated that the appeal of half the sets is not long lasting.
@Brent007 said:
"I think they would make more with reasonable prices and more stock available… just my pov. I’m mean if I’m wrong, lego please let me know. ??"
Their factories work flat out so if there are stock shortages it suggests that stock is selling too fast, tand hat they cannot meet demand at today's prices. Lowering the prices (assuming that is what you mean by more reasonable) would make stock sell even faster. I haven't found stock availability to be an issue personally, every set I have wanted to buy in the past year has been available to order.
From a business point if view, making everything cheaper in the hope of selling more doesn't always work. If the market is already saturated, it doesn't necessarily lead to more sales, just lower income for a similar volume.
Whatever helps them justify the $50 Batmobile I guess
@DavidGraham said:
"Interesting that there is a "declining toy market".
Also "Around half of the portfolio each year is new, demonstrating the creativity and innovation of its talented designers." - I thought this demonstrated that the appeal of half the sets is not long lasting."
This demonstrates that attention span of costumers is very short, that's why you need always something new to keep the market interested. After all, you are commenting on a lego news blog. If lego wouldn't make so many new things then even the traffic on brickset would greatly diminish.
I am mostly surprised about this huge dip in net profit. But still, lego company is looking very healthy business wise, and as an afol, I like that.
I wish they would keep the choice for Paper instructions or not. I build LEGO to be away from screens.
I like the graphics, if nothing else.
@Torrent_Studios said: "Lego doesn't continue to earn record-breaking profits yearly by pricing their sets reasonably."
And the comment section section starts as I was expecting.
@Brent007 said:
"I think they would make more with reasonable prices and more stock available… just my pov. I’m mean if I’m wrong, lego please let me know. ??"
Depends on the theme, really. Star Wars and City feel like the biggest culprits for sets feeling a bit too expensive to me. Mario also counts due to people needing the $60 figure to play the board game.
Still waiting on those widespread paper bags. I’ve only received the Jurassic dinos in them so far.
I wonder if the adult obsession of filling shelves with dusty plastic is coming to an end, hastened in part by the need to spend more on living and the desire to spend more on experiences. Buy the Titanic, or spend a week on holiday in the Canary Islands?
@Ridgeheart said:
"HULKBUSTERS CREATED:
2015 - 1
2016 - 0
2017 - 0 (+Detroit Steel)
2018 - 2
2019 - 0
2020 - 1 (+War Machine Buster)
2021 - 1 (+Iron Monger, +Hydra Stomper)
2022 - 0
2023 - 2
Good thing it's only Q3, still enough room to cram one or two Busters in there. "Mr. Oz's Spacebuster"?
It never really dawned on me before how goofy the name "War Machine Buster" really is. Wh-why would you want to bust yourself, Rhodey? Does busting just make you feel good?"
"'Bustin' makes me FEEL good!...
I ain't 'fraid o' no ghost.
Who y'a gonna call?!"
Damn, only €3.75m net profit PER DAY. You can see why those price increases were needed...
@thor96 said:
"
This demonstrates that attention span of costumers is very short, that's why you need always something new to keep the market interested. After all, you are commenting on a lego news blog. If lego wouldn't make so many new things then even the traffic on brickset would greatly diminish.
"
Half of the product being new that year suggests that, on average, sets have a two year shelf life. Of course some last longer and some go quicker. But I'm fine with that. It gives most people long enough to collect every set of a particular theme if that is what they want to do but means that if you don't like anything that is new in one year, there are still some things from the past if you were into those and you don't need to wait too long until there are other new sets available.
@jsutton said:
"I wonder if the adult obsession of filling shelves with dusty plastic is coming to an end, hastened in part by the need to spend more on living and the desire to spend more on experiences. Buy the Titanic, or spend a week on holiday in the Canary Islands?"
With ICONS being in the list of top performing themes, I imagine that obsession has not ended. Far from it, it is probably one of their growth areas.
@DavidGraham said:
"Interesting that there is a "declining toy market"."
Just ask Hasbro - children’s play habits have changed drastically over the last 10 years or so. Add to that the general global economy and that toys are a luxury item…
I'd much rather see a financial report which shows that TLG are making shed loads of profit, than one that indicates that they might be in financial trouble (as they once were back in the late 90s). I dread to think of a situation where Lego went out of fashion and TLG went under, which could well happen if they don't keep their business relevant and profitable.
@chrisaw: I know. I was hoping to see the paper bags before boxes for CMFs, but no luck, apparently.
@8lackmagic: I was thinking about those dark times, and the latest RSotD, while reading this article. My understanding is that Lego was getting buyout offers, and that they were seriously considering them.
I just came here to see everyone complaining about rising profits and rising set prices.
I wonder if all the investment on building new factories and expanding existing facilities includes budget for fixing the quality of printing certain colors like yellow and white on dark pieces. This issue has been commented by many over the past few years and still no improvement. In the meantime I've seen knock offs with surprisingly much better contrast between white/yellow and dark backgrounds. In my opinion this issue is starting to get embarrassing for Lego.
And based on these numbers, Lego has no choice but to double the prices of all sets for next year. Otherwise they might go bankrupt just like the early 2000s, sorry people...
As neat as many sets are, I haven't bought anything new in quite a while. Passed on the last few modulars, some Icons are cool but I can't justify so many Lego things. Price increases don't help.
I will say, they are doing well with designs. Botanicals are wonderful, Himeji is a nice return to what I want out of Architecture, and I love the Galaxy Explorer and Eldorado remakes. Speed Champions are just getting better and better, even if I do "require" the 20% discount to get them now.
I'd love to have space to build and display all the stuff I have, but it's frankly a little ridiculous around here. I've definitely come up against the "inventory wall" when dealing with parts, not to mention how much stuff I have to bag up since I can't display it.
I am feeling a bit...full on Lego.
Interesting they can claim a growth in sales. The LEGO shelves at my local Target are stocked full of the same sets and they are covered in dust. It seems like everyone in my area is waiting for a discount before they start to spend.
Corrected for inflation? If not, sales declining.
I know some folks have a hard time with corporations making profits, but you want them to be profitable, so they can keep investing in new innovations, new people, new lines of products, and expansion of manufacturing to keep up with demand and roll out new programs like Bestseller Pick & Build, online BAM, etc. Reducing prices is a race to the bottom, like the rest of the toy market making stuff that falls apart. It also allows them to give a lot of money to charities. We've seen the years LEGO was NOT profitable. It was bad. I'd prefer they make money.
@dimc: It's not an addiction; I can give up any time I want to... I just don't want to right now.
@TheOtherMike said:
" @dimc: It's not an addiction; I can give up any time I want to... I just don't want to right now."
To be honest, I mostly collect vintage stuff. And now that I'm getting close to having all the stuff I want, I'm more picky about what I buy, and I sell off duplicates. I think, in my heart, what I wanted was to be able to build all of the sets I wanted as a kid, and I'm almost done. It's a bit like a history of Lego, to see what they built and how, and what neat little features there were. You only had a picture or two from catalogs, no 3D renders or other images unless you got to handle the box. So that's a lot of fun, but once that's over, you find that having so much is a bit of a drag.
I do love some of the new stuff for sure, but I have an insane backlog and a lot of it isn't small.
So sales climbed one percent with prices increased by 30-40% since last year which means they sold quite a lot less sets than the previous years. Cute that they continue to babble about " reached more children" when they main audience today is rich adults.
Net zero greenhouse emissions by 2050 is pretty poor imo
I am glad to see that LEGO has gotten a handle on their supply chain issues and that retailers are getting well stocked now...all of which helps their sales. And has probably been noted that while Sales Numbers did climb a bit this was on the backs of their product costing more than it was a year ago so perhaps there was a drop in actual quantity of units sold?
I, for one, have altered my buying habits in this economy...both due to the increased costs for sets as well as ability to display them. Sets that are on my wishlist will remain there a bit longer and some have actually been retired. I really no longer go on release days to the store and that probably gives me time to really consider if I really want that set.
@Ridgeheart said:
" @TheOtherMike said:
" @dimc : It's not an addiction; I can give up any time I want to... I just don't want to right now."
"Sir, do you know why we pulled you over today? Wait - are those... are those ABS-pellets in your moustache, sir?! A-are you chewing on a LEGO-man??""
Sir, your car smells of new plastic. Is that a freshly-opened, sophisticated, interlocking brick, modeling system set on the seat next to you? Have you been stacking and driving, today?
@Ridgeheart said:
" @StyleCounselor said:
" @Ridgeheart said:
" @TheOtherMike said:
" @dimc : It's not an addiction; I can give up any time I want to... I just don't want to right now."
"Sir, do you know why we pulled you over today? Wait - are those... are those ABS-pellets in your moustache, sir?! A-are you chewing on a LEGO-man??""
Sir, your car smells of new plastic. Is that a freshly-opened, sophisticated, interlocking brick, modeling system set on the seat next to you? Have you been stacking and driving, today?"
"ARE THOSE PLATES STUCK BETWEEN PLATES? THAT'S ILLEGAL! HALT, CRIMINAL SCUM!""
Hey, Copper! Don't sweat the technique.
@STL_Brick_Co said:
"I know some folks have a hard time with corporations making profits, but you want them to be profitable, so they can keep investing in new innovations, new people, new lines of products, and expansion of manufacturing to keep up with demand and roll out new programs like Bestseller Pick & Build, online BAM, etc. Reducing prices is a race to the bottom, like the rest of the toy market making stuff that falls apart. It also allows them to give a lot of money to charities. We've seen the years LEGO was NOT profitable. It was bad. I'd prefer they make money."
I've no problem with them being profitable, but the question is how much profit do you need? The same way I have no problem with a CEO making more money than the guy on the shop floor, even though he's the one actually producing the products. In the old days the boss would make 10 times what the average employee makes. Now it's 1000 times or more.
Also, with all those profits it bugs me that they don't invest a little bit of it into fixing the inconsistent colours, the mismatched sticker colours, the shitty printing yellow on black, better quality control on instructions etc.
The 'only the best is good enough' sign should have been binned 20 years ago and replaced with 'if it sells it's good enough'.
@Duq said:
" @STL_Brick_Co said:
"I know some folks have a hard time with corporations making profits, but you want them to be profitable, so they can keep investing in new innovations, new people, new lines of products, and expansion of manufacturing to keep up with demand and roll out new programs like Bestseller Pick & Build, online BAM, etc. Reducing prices is a race to the bottom, like the rest of the toy market making stuff that falls apart. It also allows them to give a lot of money to charities. We've seen the years LEGO was NOT profitable. It was bad. I'd prefer they make money."
I've no problem with them being profitable, but the question is how much profit do you need? The same way I have no problem with a CEO making more money than the guy on the shop floor, even though he's the one actually producing the products. In the old days the boss would make 10 times what the average employee makes. Now it's 1000 times or more.
Also, with all those profits it bugs me that they don't invest a little bit of it into fixing the inconsistent colours, the mismatched sticker colours, the shitty printing yellow on black, better quality control on instructions etc.
The 'only the best is good enough' sign should have been binned 20 years ago and replaced with 'if it sells it's good enough'."
You're absolutely correct. I'd also like to add that they need to bring back some of the programs that reached-out to children, especially poor children. The monthly free mini-builds were great. I really thought Lego was a good company back then. Now, they talk a lot. Yet, their business practices are spitefully greedy!
@IgelCampus said:
"So sales climbed one percent with prices increased by 30-40% since last year which means they sold quite a lot less sets than the previous years. Cute that they continue to babble about " reached more children" when they main audience today is rich adults. "
I'd respect the company more if they just admitted that, instead of pumping out corporate nonsense about how wholesome and child-friendly they are
@Ridgeheart said:
" @StyleCounselo said:
" @Ridgeheart said:
" @TheOtherMike said:
" @dimc : It's not an addiction; I can give up any time I want to... I just don't want to right now."
"Sir, do you know why we pulled you over today? Wait - are those... are those ABS-pellets in your moustache, sir?! A-are you chewing on a LEGO-man??""
Sir, your car smells of new plastic. Is that a freshly-opened, sophisticated, interlocking brick, modeling system set on the seat next to you? Have you been stacking and driving, today?"
"ARE THOSE PLATES STUCK BETWEEN PLATES? THAT'S ILLEGAL! HALT, CRIMINAL SCUM!""
Hide the swords of Exact-Zero! I mean, I only use them for cutting the flex tube just like Lego instructed, but it still looks incriminating!
And the kragle? Um, erm, that's only for putting the shattered reddish brown plates back together…
@Duq said:
" @STL_Brick_Co said:
"I know some folks have a hard time with corporations making profits, but you want them to be profitable, so they can keep investing in new innovations, new people, new lines of products, and expansion of manufacturing to keep up with demand and roll out new programs like Bestseller Pick & Build, online BAM, etc. Reducing prices is a race to the bottom, like the rest of the toy market making stuff that falls apart. It also allows them to give a lot of money to charities. We've seen the years LEGO was NOT profitable. It was bad. I'd prefer they make money."
I've no problem with them being profitable, but the question is how much profit do you need? The same way I have no problem with a CEO making more money than the guy on the shop floor, even though he's the one actually producing the products. In the old days the boss would make 10 times what the average employee makes. Now it's 1000 times or more.
Also, with all those profits it bugs me that they don't invest a little bit of it into fixing the inconsistent colours, the mismatched sticker colours, the shitty printing yellow on black, better quality control on instructions etc.
The 'only the best is good enough' sign should have been binned 20 years ago and replaced with 'if it sells it's good enough'."
How would you or I be the judge of what reasonable profits are? I don't work there. I'd say based on the limited info they are sharing, their profit is very reasonable. You don't want free cash to dip too low, or working capital. They seem to be spreading that nicely into new investments. As far as the other things you mention, those are you wants and desires. Most of those don't bother me at all
Profits went down though.....so when will we get the next big price increase to help this dying company survive? And I guess they still spend way too much on QC.....
Lots of armchair experts here whining about profits with little to no insight into TLG as an actual business - as expected!
@STL_Brick_Co said:
" @Duq said:
" @STL_Brick_Co said:
"I know some folks have a hard time with corporations making profits, but you want them to be profitable, so they can keep investing in new innovations, new people, new lines of products, and expansion of manufacturing to keep up with demand and roll out new programs like Bestseller Pick & Build, online BAM, etc. Reducing prices is a race to the bottom, like the rest of the toy market making stuff that falls apart. It also allows them to give a lot of money to charities. We've seen the years LEGO was NOT profitable. It was bad. I'd prefer they make money."
I've no problem with them being profitable, but the question is how much profit do you need? The same way I have no problem with a CEO making more money than the guy on the shop floor, even though he's the one actually producing the products. In the old days the boss would make 10 times what the average employee makes. Now it's 1000 times or more.
Also, with all those profits it bugs me that they don't invest a little bit of it into fixing the inconsistent colours, the mismatched sticker colours, the shitty printing yellow on black, better quality control on instructions etc.
The 'only the best is good enough' sign should have been binned 20 years ago and replaced with 'if it sells it's good enough'."
How would you or I be the judge of what reasonable profits are? I don't work there. I'd say based on the limited info they are sharing, their profit is very reasonable. You don't want free cash to dip too low, or working capital. They seem to be spreading that nicely into new investments. As far as the other things you mention, those are you wants and desires. Most of those don't bother me at all "
You don't need to work there to judge the profitability, lol. Just compare their annual profit to their average equity position. You will be amazed how much money the owners make on every single dollar that they invest in the company.
Yes. I bought lots of Lego in the first six months of 2023 but have now cut back probably 75%. So enjoy it while it lasts, Lego. I’m getting too old for expensive plastic dust collectors anyway.
@lszlsmn said:
" @STL_Brick_Co said:
" @Duq said:
" @STL_Brick_Co said:
"I know some folks have a hard time with corporations making profits, but you want them to be profitable, so they can keep investing in new innovations, new people, new lines of products, and expansion of manufacturing to keep up with demand and roll out new programs like Bestseller Pick & Build, online BAM, etc. Reducing prices is a race to the bottom, like the rest of the toy market making stuff that falls apart. It also allows them to give a lot of money to charities. We've seen the years LEGO was NOT profitable. It was bad. I'd prefer they make money."
I've no problem with them being profitable, but the question is how much profit do you need? The same way I have no problem with a CEO making more money than the guy on the shop floor, even though he's the one actually producing the products. In the old days the boss would make 10 times what the average employee makes. Now it's 1000 times or more.
Also, with all those profits it bugs me that they don't invest a little bit of it into fixing the inconsistent colours, the mismatched sticker colours, the shitty printing yellow on black, better quality control on instructions etc.
The 'only the best is good enough' sign should have been binned 20 years ago and replaced with 'if it sells it's good enough'."
How would you or I be the judge of what reasonable profits are? I don't work there. I'd say based on the limited info they are sharing, their profit is very reasonable. You don't want free cash to dip too low, or working capital. They seem to be spreading that nicely into new investments. As far as the other things you mention, those are you wants and desires. Most of those don't bother me at all "
You don't need to work there to judge the profitability, lol. Just compare their annual profit to their average equity position. You will be amazed how much money the owners make on every single dollar that they invest in the company."
Yes I know. The point wasn’t just simple profitability though ;) Also, almost all owners of successful companies generally make a lot of money. What is your point
Nice to know my BrickLink store is eating into their profits
@Brent007 said:
"I think they would make more with reasonable prices and more stock available… just my pov. I’m mean if I’m wrong, lego please let me know. ??"
In my opinion they definitely would. With the prices increasing so much I gave to cut back quite a bit on what sets I buy. While LEGO makes a little more X set that I buy, they lose out on A, B, & C because I have to be more choosy.
@Sandinista said:
"Nice to know my BrickLink store is eating into their profits "
This is sarcasm right ?
To everyone trying to justify LEGO and their profits. No one is bashing a company for being profitable. The issue is that almost all major companies now are straight-up price gouging and using pandemic and post-pandemic “issues” as cover. Executives aren’t even hiding these facts anymore - they are brazenly discussing it in investor meeting and the media. This is why the consumers are complaining. Because they are posting record profits when they don’t NEED to be. They could have left their prices alone and been just fine.
As always when this is posted all the economic experts come out and say the opposite thing they said last time to justify their negative attitude towards lego.
Last time it was “inflation, yeah right, this time next year lego will have doubled their profits at our expense”
This time next year rolls around and they post pretty stable profits and we get “if they were more reasonably priced then they’d make more money”.
Seems to me like lego made some really great decisions to maintain their numbers (you’re an idiot of your expecting a company to make less money so you can get a cheaper product) even with some challenging circumstances that were largely out of their control.
@xurotaryrocket said:
"To everyone trying to justify LEGO and their profits. No one is bashing a company for being profitable. The issue is that almost all major companies now are straight-up price gouging and using pandemic and post-pandemic “issues” as cover. Executives aren’t even hiding these facts anymore - they are brazenly discussing it in investor meeting and the media. This is why the consumers are complaining. Because they are posting record profits when they don’t NEED to be. They could have left their prices alone and been just fine."
And nothing will change because those people who complain about Lego policies they will still buy stuff. So why should Lego care?
on the other hand, I find it very funny when someone white knighting for a huge company like Lego.
This report isn't as rosy as TLG would have you believe. https://www.bbc.co.uk/news/business-66658909
What I find amazing is how many Lego/conglomerate-capitalism apologists come to this thread every year.
Are all of you one-time commentors working in Lego management? Are you part of their dressage pony competition/Ferrari-collecting friend group?
Why would anyone want to defend $5B in profits going to a single family? They took away the free toys they used to give out to poor, little kids (among other dastardly deeds) so they could make these record profits.
Why don't you all explain profits, taxes, and capitalism to us again? While you're at it, please explain how we're all certainly going to die sooner than later, and how the sun will eventually consume the Earth.
While I am perfectly capable of converting the Danish currency into USD/Euro myself, would it be useful to modify the post in the following manner? It would be easier to put it in perspective...
"Operating profit was DKK 6.4 billion ($0.93B/Eur xxx) compared with DKK 7.9 billion ($1.15B/Eur xxx) billion in H1 2022. This is in line with company expectations as it accelerated long-term strategic initiatives such as manufacturing, digital and sustainability. Net profit was DKK 5.1 billion ($0.74B/Eur xxx) vs DKK 6.2 billion ($0.9B/Eur xxx) H1 2022."
@IgelCampus said:
"So sales climbed one percent with prices increased by 30-40% since last year which means they sold quite a lot less sets than the previous years. Cute that they continue to babble about " reached more children" when they main audience today is rich adults. "
I don't know about prices in Germany, but in the U.S., the biggest increase I've seen is 25%. And most sets didn't increase at all.
@StyleCounselor said:
"Why would anyone want to defend $5B in profits going to a single family? They took away the free toys they used to give out to poor, little kids (among other dastardly deeds) so they could make these record profits. "
I'm not a Lego apologist, but I know more than you. You have genuinely no idea the scale of charity - including "giving toys to poor little kids" that TLG engages in.
@jhs8swd said:
" @StyleCounselor said:
"Why would anyone want to defend $5B in profits going to a single family? They took away the free toys they used to give out to poor, little kids (among other dastardly deeds) so they could make these record profits. "
I'm not a Lego apologist, but I know more than you. You have genuinely no idea the scale of charity - including "giving toys to poor little kids" that TLG engages in.
"
Everything you just said, is wrong.
@StyleCounselor said:
"What I find amazing is how many Lego/conglomerate-capitalism apologists come to this thread every year.
Are all of you one-time commentors working in Lego management? Are you part of their dressage pony competition/Ferrari-collecting friend group?
Why would anyone want to defend $5B in profits going to a single family? They took away the free toys they used to give out to poor, little kids (among other dastardly deeds) so they could make these record profits.
Why don't you all explain profits, taxes, and capitalism to us again? While you're at it, please explain how we're all certainly going to die sooner than later, and how the sun will eventually consume the Earth."
I don’t think it’s so much apologists as much as it’s people that understand how capitalism works and how we, as consumers, generally benefit when companies are profitable and do well. But I suspect you don’t really want to hear any of that because “Legos are expensive and I want them cheaper”.
@monkyby87 said:
" @StyleCounselor said:
"What I find amazing is how many Lego/conglomerate-capitalism apologists come to this thread every year.
Are all of you one-time commentors working in Lego management? Are you part of their dressage pony competition/Ferrari-collecting friend group?
Why would anyone want to defend $5B in profits going to a single family? They took away the free toys they used to give out to poor, little kids (among other dastardly deeds) so they could make these record profits.
Why don't you all explain profits, taxes, and capitalism to us again? While you're at it, please explain how we're all certainly going to die sooner than later, and how the sun will eventually consume the Earth."
I don’t think it’s so much apologists as much as it’s people that understand how capitalism works and how we, as consumers, generally benefit when companies are profitable and do well. But I suspect you don’t really want to hear any of that because “Legos are expensive and I want them cheaper”. "
Actually, I couldn't care less. Complaining about expensive Lego is like complaining about expensive caviar.
I want companies to be more respectful of the earth. Also, those earning huge sums should have to pay a higher share (and they don't). The highest earners pay some of the lowest rates, and that's not even taking into consideration the basic accounting maneuvers which are used to hide, or not realize, the bulk of true 'wealth.'
For Lego specifically, since you asked, I'd like better product designs for SW, better printing overall (especially on minifigs), much better customer service, and bring back a program that gives free product to children. If they did all this, they would make themselves stronger- like they used to be.
@stylecounselor
Just because you don’t know about it doesn’t mean it’s wrong.
Additionally, TLG take a curious amount of pride in how much they pay back in tax to their country - it’s a curious Danish corporate thing. And in addition TLG seem to be well ahead of the curve in terms of their corporate sustainability strategy (it would seem to be another Danish trait) - there is plenty of information available on this.
@jhs8swd said:
" @stylecounselor
Just because you don’t know about it doesn’t mean it’s wrong.
Additionally, TLG take a curious amount of pride in how much they pay back in tax to their country - it’s a curious Danish corporate thing. And in addition TLG seem to be well ahead of the curve in terms of their corporate sustainability strategy (it would seem to be another Danish trait) - there is plenty of information available on this.
"
Enjoy your dressage.