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LEGO Sales Fall for the First Time in 13 Years

LEGO have reported that sales fell last year in 2017 for the first time since 2004 as they struggled with tough retail markets in Europe and North America. Sales fell 8% to €4.7 billion in 2017 which was down from a 6% increase in 2016, the company saw "double-digit" growth in China last year.

LEGO being a privatley owned company has been going strong since it's alomost colapse in the early 2000s. Overall the LEGO company has said sales were flat but the figures were affected by a clean-up of inventories.

"During 2017, revenue in our established markets declined, primarily due to actions we took to clean up inventories. This decline impacted our operating profits," chief executive Niels B Christiansen said in a statement.

The company's Lego Ninjago series benefited from the release of the movie in September.

Mr Christiansen said consumer sales grew in seven of Lego's 12 largest markets in December and that the company started 2018 in a better position.

"There is no quick-fix and it will take some time to achieve longer-term growth," he said.

Mr Christiansen joined Lego in October after nine years as CEO of Danish industrial group Danfoss, taking over from Briton Bali Padda after just eight months.

Lego is hoping Mr Christiansen can revive its flagging growth by increasing sales in Asia and fully embracing the digital era.