Lego planning Chinese plant to meet demand
Lego said Thursday that China was poised become a future ``core market."
COPENHAGEN, Denmark—Lego says its multicolored blocks were in huge 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 per cent to 6.1 million kroner ($1.1 million) last year compared to 2012, while revenue surged 10 per cent to 25.4 million kroner.
Lego, which doesn’t release quarterly figures, is not publicly listed but has published earnings reports since 1997.