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Hapori Tohu

LEGO Shares 2020 Financial Performance and Appoints New CFO

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With a headline like that, you'd think things are not looking good for The LEGO Group, but earlier today they posted a press release stating that in the first half of 2020, their sales grew 14% compared to the same period in 2019. This is despite increased costs in freight shipping due to the closure of their factories in China and Mexico as a result of the COVID-19 pandemic. They make a big point to note that they doubled visitors to LEGO Shop@Home compared to last year, rising up to 100 million, although they can likely thank the pandemic for that as well. At the same time, while they don't mention who is leaving the position, LEGO announced that Jesper Andersen will be the company's new Chief Financial Officer. Let's see if he can keep those numbers looking good come the end of 2020!

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I'm going to Legoland tomorrow with my girlfriend for a nice, light-hearted visit, and it'll be interesting to see how it holds up. They've been open again for a while now. I know Disneylands all over the world make up a huge amount of Disney's yearly income and they're quite a bit down as a result this year, but I wonder how significant the theme parks are to Lego? I remember them being packed when I was a kid. 

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