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LEGO(R) sales boom in 2008
Toy manufacturer LEGO expects to post double-digit sales growth for last year,
despite lower consumer spending.
While many Danish companies are tightening their belts and laying off staff in
the face of the global credit crunch, Billund-based LEGO has blossomed and
secured double digit growth in the toy market.
The toy manufacturer would not confirm exact figures ahead of the publication of
its annual report next month, but executive vice president for market and
products, Mads Nipper, confirmed that 2008 had been a successful year for LEGO.
“In local currencies, we have had double digit growth rates in all markets, with
the exception of Japan. The Japanese market has been badly affected and toy
sales have dropped by five percent, so we have only had a single digit growth
here,” said Nipper.
LEGO half year report indicated a turnover of nine billion kroner, but its 2008
annual report, due out in February, will likely show the negative effects of
developments in the exchange rate.
Nipper said that toy manufacturers usually weathered a financial crisis pretty
well as childrens items are the last thing that families decide to cut back on.
And it looks like families are not ready to cut back on the more expensive toys
either, as the most popular LEGO product in Germany last year was a Technic
model that retails for over 1,000 kroner. The most popular global sellers of
2008 were the City, Star Wars and Indiana Jones lines.
Facing into 2009, Nipper said the company has controlled optimism of continued
growth, because “if consumers were going to react harshly towards LEGO, we would
have seen it in the run up to Christmas”. However he did not rule out the
possibility that effects of the financial crisis would be felt later in 2009.
http://www.cphpost.dk/business/article/119-business/44510-lego-sales-boom-in-2008.html
-end of report-
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