Lego popularity building in ChinaBy AP News Feb 28, 2014 1:06PM UTC
COPENHAGEN, Denmark (AP) — Lego says its multicolored blocks were hugely in demand worldwide in 2013, especially in China where the company plans to open a factory to meet growing interest in its products.
Lego said Thursday that China would become a future “core market,” but also pointed to “healthy single digit growth rates” in key U.S. and European markets in 2013.
CEO Joergen Vig Knudstorp described last year’s performance as “very satisfactory,” saying the company expects growth to continue this year.
The privately-owned Danish company also revealed that its net profit rose 9 percent to 6.1 million kroner ($1.1 million) last year compared to 2012, while revenue surged 10 percent to 25.4 million kroner.
Lego, which doesn’t release quarterly figures, is not publicly listed but has published earnings reports since 1997.