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From
Forbes:
Lego Group H1 pretax swings into profit as sales rise 19 pct; ups FY guidance
08.16.2006, 08:18 AM
COPENHAGEN (AFX) - Lego Group posted a pretax profit of 238 mln dkr for the
first six months of the year, up from a loss of 202 mln dkr the year earlier as
sales rose 19 pct year-on-year to 2.821 bln dkr from 2.364 bln dkr.
At the same time, the privately-held Danish toy maker said it continued to
focus on reducing its costs and improving its productivity.
The operating result swung to a profit of 165 mln dkr from a loss of 116 mln
dkr while net earnings were 238 mln dkr against a loss of 156 mln dkr.
The improved sales was partly due to the fact that retail inventories at the
start of the year were very low, following a strong Christmas sales.
Geographically, sales were better than expected in the Nordic countries, the
Benelux countries and Japan - while in other major markets such as the US,
Germany, UK and France they were level with expectations.
As a result of the strong performance in the first six months of the year, Lego
Group raised its guidance for the full-year 2006.
It had previously expected that sales would decline slightly in 2006, but now
estimates that total sales for the full-year will be in line with the 7.050 bln
dkr posted in 2005.
The 2006 pretax profit for continuing activities is now seen in the region of
700 mln dkr. It had previously been expected to be on par with the 456 mln dkr
posted in 2005.
Marc Nelson Jr.
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