The Lego Group Says It Gained Market Share in 2022 Amid Extraordinary Pressures

The Lego Group says it significantly outpaced the toy market and gained market share in 2022.

On Wednesday, the Denmark-based toy company reported strong earnings for the full year of 2022, which saw revenues grow 17 percent year-over-year with total sales of $9.257 billion (64.6 billion DKK). 

The Lego Group said its performance was driven by solid demand for its company portfolio, retail partnerships, and a robust e-commerce platform, according to a press release on Wednesday.

“2022 was a milestone year for the LEGO Group as we celebrated our 90th anniversary. Our strong results show that the LEGO System in Play is more relevant and appealing than ever,” The LEGO Group CEO, Niels B. Christiansen, said.  

“I am very satisfied with our performance. We achieved double-digit top-line growth and landed the year beyond expectations on the back of exceptional growth last year and despite challenging market conditions. This was due to our relevant brand, a fantastic, diverse portfolio, inspiring shopping experiences and outstanding execution from our teams.” 

The Lego Group's strong performance came “despite extraordinary inflationary pressures on materials, freight, and energy costs.” 

In 2022, the company said 48 percent of its products were new and opened 155 new LEGO-branded stores.

The Lego Group is also set to build a 1.7 million-square-foot factory in Richmond, Virginia, to meet future demand in the Americas, the company said. 

The Lego Group is forecasting single-digit revenue growth in 2023.