Sales of Lego sets continued to rise in 2021 as children and adults stayed home to build Star Wars and Harry Potter models long after the coronavirus lockdown ended.
The privately-held Danish toymaker said on Tuesday that its annual revenue jumped 27% to DKK 55.3, or about $8.06 billion, compared to DKK 43.7, or about $6.36 billion, in 2020.
Lego has been one of the toy companies that has made huge strides during the pandemic as consumers of all ages gravitate towards its building blocks for fun. The company touted its diverse selection of toys and their cross-generational appeal, as well as its e-commerce business, to explain the surge in sales.
Among the toy maker’s top-performing brands were Lego City, Lego Technic, Lego Creator Expert, Lego Harry Potter, and Lego Star Wars. These kits vary in size and complexity, and the company says the themes allow kids to learn building skills and give adults a creative outlet.
Lego noted that when the company turns 90, it expects its growth rate to normalize and return to single digits. Also in mid-2022, the company plans to begin a phased transition to sustainable retail packaging to replace the single-use plastic bags it uses to separate Lego bricks.
In 2021, Lego opened 165 new stores, including 95 in China, bringing the total number of stores worldwide to 832. China has become one of Lego’s top markets, with 340 stores in its global retail footprint.
Lego’s strong earnings performance stems from the decision to stop supplying toys to around 80 independent stores in Russia due to the war in Ukraine. The company has also donated approximately $16.5 million to emergency relief efforts, with a focus on supporting children and families.