Toymaker Lego reports first annual sales decline in 13 years
Reuters
Published Mar 06, 2018 07:57
Toymaker Lego reports first annual sales decline in 13 years
By Jacob Gronholt-Pedersen
COPENHAGEN (Reuters) - Danish toymaker Lego on Tuesday posted its first annual drop in sales in 13 years, as the company faces challenged retail markets in North America and Europe.
Lego said sales fell 8 percent last year to 35 billion Danish crowns (4.2 billion pounds), while profit before tax fell 18 percent to 10.2 billion crowns.
"During 2017, revenue in our established markets declined, primarily due to actions we took to clean up inventories. This decline impacted our operating profits," Chief Executive Niels B. Christiansen said in a statement.
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Written By: Reuters
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