Lego on Tuesday reported its full-year 2023 results, saying it's revenue grew by 2% throughout the year, in line with expectations.
"It was a difficult year," Lego CEO Niels Christiansen told CNBC. However, he said the company had "managed to take quite a bit of market share." Nonetheless, Lego struggled in China last year. Christiansen said this was due to the more difficult overall economic conditions in the country. Consumers still bought Lego sets, but often chose one with smaller price points, he said.Despite this, Christiansen believes there is significant long-term potential for Lego in China.
Lego on Tuesday said it had opened 147 stores in 2023, resulting in over 1,000 shops worldwide. Christiansen said around 100 more are expected to open in 2024.
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