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Lego revenue grows 2% in 2023, as CEO hails ‘very, very strong’ U.S. progress

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Lego revenue grows 2% in 2023, as CEO hails ‘very, very strong’ U.S. progress

The chief executive of Denmark’s Lego on Tuesday reflected on a tough year for the world’s largest toymaker, and outlined the firm’s long-term plans to stay relevant and “cool with kids.”

Lego said its 2023 revenue was 2% higher compared to the previous year, growing to 65.9 billion Danish krone (around $9.65 billion). This was in line with expectations, Lego said in a statement.

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“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.”

The Danish toymaker said operating profit declined slightly from 17.9 billion Danish krone to 17.1 billion, noting that it had boosted spending on strategic initiatives designed to drive growth.

Net profit came in at 13.1 billion Danish krone in 2023, compared to 13.8 billion the previous year.

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Consumer sales were up 4% despite slumping in China, Lego said, attributing the growth to increasing demand in the U.S. and central and eastern Europe.

It comes as the wider toy industry has been struggling to maintain growth after booming during the coronavirus pandemic, when parents looked for new ways to entertain their children and adults re-discovered childhood pastimes.

Toy company Hasbro earlier this month said its 2023 revenue fell by 15% compared to 2022 and that it expected to see a further decline this year.

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Lego sees growth potential in China

“On the U.S. side I think we’ve seen very, very strong progress,” Christiansen said. “Even though the market in the U.S. was also negative we actually managed to grow quite comfortably.”

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.

Customers at a Lego store in Shanghai, China, on Feb. 3, 2024.

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Costfoto | Nurphoto | Getty Images

Despite this, Christiansen believes there is significant long-term potential for Lego in China.

“We are on the growth journey in China and hoping and expecting to get back to growth,” he said. This includes opening new stores across the country, with around 40 additional stores expected in 2024, he said.

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“We know every time we get out to a new city we open a store, we start the brand building activities around, we work with partners, then it gets off the ground,” Christiansen said.

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.

The toymaker said it had its biggest ever product offering in 2023 with 780 available products, around half of which were new releases.

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‘Staying relevant’

The most popular ranges included Lego Icons, which was targeted at a slightly older audience and includes sets like the Titanic and Eiffel Tower, Lego’s City line and Lego Technic, which covers builds such as race cars. Its Star Wars and Harry Potter products were also among the most popular lines.

Lego products including flower bouquets and plants have also become popular on social media, garnering millions of likes in TikTok videos, and the company launched a collaboration with popular video game Fortnite featuring Lego’s brick figures and backdrops.

Licenses and collaborations like this are key to Lego’s long-term plans and to “staying relevant and cool with kids,” Christiansen told CNBC.

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“We want to be there where they are and we want to be providing them with the type of experiences they really love,” he said. “We are competing for children’s time and attention.”

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Ink House Zimbabwe: The Pinnacle of Print Excellence

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In the heart of Zimbabwe’s bustling creative industry stands a beacon of innovation and quality: Ink House Zimbabwe. Renowned for its exceptional service and unparalleled craftsmanship, Ink House Zimbabwe has established itself as a leader in the print media landscape.

From the intricate designs that grace corporate branding materials to the vibrant inks that bring life to every print, Ink House Zimbabwe’s dedication to excellence is evident. Their commitment to quick service and awesome ink chemistry on all prints sets them apart, ensuring every client’s vision is not just met, but exceeded.

At Ink House Zimbabwe, it’s not just about printing; it’s about creating lasting impressions. Whether it’s through their meticulous graphic designing or their bespoke events stationery, they ensure that every piece is a masterpiece worthy of praise.

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As you explore their offerings at ink.co.zw, you’ll find a company that doesn’t just speak of quality—they embody it. Ink House Zimbabwe is more than a print media company; it’s a partner in your creative journey, transforming your ideas into tangible works of art that speak volumes.

Join the myriad of satisfied clients who have experienced the magic of Ink House Zimbabwe. Where every print tells a story, and every design is a testament to the awesome work they do. Ink House Zimbabwe is not just printing; it’s printing redefined.

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Fones 4 Africa: Where Quality Meets Affordability

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fones 4 africa

In the bustling world of technology, finding a reliable source for premium mobile phones and accessories can be a daunting task. However, fear not! Fones 4 Africa has emerged as a beacon of excellence, offering top-notch products at unbeatable prices. Let’s delve into what makes Fones 4 Africa a standout choice for tech enthusiasts.

Premium Phones at Unbeatable Prices

At Fones 4 Africa, quality meets affordability. Whether you’re eyeing the latest iPhone or a cutting-edge Samsung Galaxy, this online store has you covered. Here are some highlights:

  1. Apple iPhone 11: With prices ranging from R 6,499.00 to R 7,299.00, the iPhone 11 combines sleek design with powerful performance. Customers have rated it 3.83 out of 5 stars.
  2. Apple iPhone X: Priced between R 4,959.00 and R 5,299.00, the iPhone X boasts a stunning display and exceptional camera capabilities. Users have given it a perfect 5-star rating.
  3. Apple iPhone XS Max: For those who crave a larger screen, the XS Max (R 5,499.00 – R 6,999.00) delivers. Its 4.56 out of 5-star rating speaks volumes.
  4. Samsung Galaxy S21 Ultra: If Android is your preference, the S21 Ultra (R 8,499.00 – R 9,599.00) impresses with its camera prowess and sleek design (rated 4.7 out of 5 stars).
  5. Samsung Galaxy A70 (128GB): A budget-friendly option, the A70 (R 4,999.00 – R 5,099.00) strikes a balance between performance and price (rated 4.6 out of 5 stars).
  6. Apple iPhone XS: The XS (R 5,999.00 – R 6,399.00) continues to be a favorite among Apple enthusiasts, earning a perfect 5-star rating.

Seamless Shopping Experience

Fones 4 Africa understands the importance of convenience. Their user-friendly website allows you to shop on the go. Plus, with free shipping, you can enjoy your new gadget without any hassle.

Conclusion

In a world where technology evolves rapidly, Fones 4 Africa stands firm as a reliable partner for all your mobile needs. From premium phones to accessories, their commitment to quality and affordability is unwavering. Visit Fones.co.za today and experience excellence firsthand!

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Disclaimer: This article is based on publicly available information and reflects positive aspects of Fones 4 Africa. Individual experiences may vary, but we celebrate the brand’s dedication to customer satisfaction.

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Raya is shootout hero as Arsenal reach Champions League quarters

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Raya is shootout hero as Arsenal reach Champions League quarters

LONDON – David Raya was the hero as Arsenal beat Porto 4-2 on penalties on Tuesday to reach the Champions League quarter-finals for the first time since 2010.

The teams were locked at 1-1 on aggregate after an absorbing second leg at the Emirates but Raya saved twice in the shootout to break the hearts of the two-time champions.

The goalkeeper dived full stretch to deny Wendell and repeated the feat against Galeno, while the home side converted all four of their penalties as the decibel count soared.

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It is the first time a Champions League match has been decided by penalties since the 2016 final between Real Madrid and Atletico Madrid.

“You are very nervous, you are hoping for the best but you know that it (the shootout) is a bit of a lottery,” Arsenal manager Mikel Arteta told TNT Sports.

“So happy. It has been 14 years (without reaching quarter-finals), which is a long time for a club like Arsenal and it shows how difficult it was. We really had to dig in to find the magic moment at the end.”

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“We’ve been patient, worked so hard and a lot of people have made good decisions and showed courage in difficult moments and this is where you want to be,” he added.

Raya, on loan from Brentford, said it was a “great moment personally and collectively”.

“This means everything. You play football for these kind of things and I’m lucky to be playing for Arsenal, to be in the Champions League and to get through to the quarter-finals.”

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Trailing 1-0 from the first leg, Arteta’s Premier League leaders — with 33 goals in their past eight league games — were not at their fluent best against a disciplined Porto side.

Leandro Trossard pulled Arsenal level on aggregate shortly before half-time as their patience paid off.

Sergio Conceicao’s men had succeeded in frustrating the home team for long spells during the opening period, fashioning enough chances of their own make it a nervy night for the expectant fans.

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Both sides struggled to settle in a scrappy opening period, with Porto doing their best to slow the game down by taking their time with throw-ins and goal kicks, to the audible frustration of the home crowd.

Arsenal defender Ben White headed over in the fourth minute after the home side’s first sustained attack while captain Martin Odegaard hit the side netting 10 minutes later.

But Porto, who were last crowned European champions under Jose Mourinho in 2004, had a number of openings.

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Evanilson whipped a shot at goal from distance that bounced wide and minutes later struck a rising strike that Raya palmed away.

Declan Rice headed just wide and Pepe — the first 41-year-old to play outfield in the Champions League — got the deftest of touches with his head to prevent Kai Havertz from connecting with a White cross at the back post.

– Breakthrough –

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The breakthrough finally came in the 41st minute following good work from Odegaard, who jinked past an opponent and fed Trossard with a perfectly weighted low pass into the box.

Trossard calmly hit a right-footed shot past goalkeeper Diogo Costa and into the far corner of the net to ease the tension.

The visitors, who had never won a match in England in 22 previous attempts, started the second half brightly as Arsenal struggled to impose themselves. 

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Arsenal thought they had doubled their lead midway through the second half when Odegaard dinked the ball into an empty net but the goal was ruled out for a foul by Havertz on Pepe.

Moments later Porto streamed forward and Raya blocked Francisco Conceicao’s shot from the edge of the penalty area.

Arteta threw on Gabriel Jesus in the 83rd minute and the former Manchester City man nearly scored with his first touch.

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As Arsenal pushed for a winner, Bukayo Saka produced a trademark curling effort that was punched back into the middle and Odegaard steered the rebound wide when well-placed.

The home side looked the more dangerous in the early stages of extra-time but Porto remained a threat on the break, with substitute Mehdi Taremi curling wide.

Arteta brought on Eddie Nketiah and Oleksandr Zinchenko for the second period of extra time but neither side could find a winner and it went to penalties.

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By John Weaver

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