The LEGO Group grew revenue to more than $4.6 billion in the first half of 2024, a 13% rise over the same period last year, according to its earnings report released Wednesday.
Much of the growth, which the company says “significantly outpaced the toy industry,” was driven by top-performing product releases this year including LEGO "Star Wars" and LEGO "Harry Potter," fueling the company’s “diverse” portfolio of offerings geared toward a wide swath of demographics and ages.
Expansion into licensed IP such as Fortnite, which will hit shelves this fall, is cited as a key path forward for the company as it looks to expand into new categories.
“Our portfolio continues to be relevant for all ages and interests, and this is driving significant demand across markets,” LEGO CEO Niels B. Christiansen said. “We used our solid financial foundation to further increase spending on strategic initiatives which will support growth now and in the future to enable us to bring learning through play to even more children.”
The company released around 300 new sets in the first half of the year and plans to deploy its capital into continuing to grow its retail experiences, also noting new factories on track to be built in Vietnam and Virginia to strengthen its supply network.
RELATED STORIES:
- LEGO to release six 'Mario Kart' sets in 2025
- LEGO to release 'Harry Potter' The Burrow set next month
- LEGO announces ‘Nightmare Before Christmas’ set
- More than $200,000 worth of stolen LEGO sets recovered by Oregon police
Christiansen told CNBC the company saw consumer preferences shift toward lower-priced sets last year, while still spending at the same volume as the prior year.
Volume is up this year, with Christiansen telling CNBC “almost all of the growth” seen in the company’s earnings are a result of volume.
According to BrickEconomy, a website that tracks prices for LEGO sets, pop culture-related themes have become a hot ticket item on the secondary market, as sets related to "The Lord of the Rings" have maintained 10.40% annual growth, based on BrickEconomy data, while "Indiana Jones" has grown 9.97% and "Batman" increased 9.70%.
"Stranger Things" has the highest annual growth, with 19.63% since the first set release in 2019.
Will Stern is a reporter and editor for cllct.