Monday, March 1, 2021

Lego builds towering sales during pandemic

Businesses that provide solutions for families locked in their homes with not much to entertain the children have been doing very well.

Other News

Hala tuju kerajaan jelas untuk pulihkan ekonomi, kata menteri

Ka Siong berkata hala tuju perdana menteri itu perlu dilaksanakan dengan segera.

Get back in line, Khairy warns after cases of politicians cutting vaccine queue

He says his ministry will recommend that the health ministry slap compounds on those who flout the rules.

Pengarah syarikat didakwa songlap RM603,000 wang syarikat

Mahkamah membenarkan tertuduh diikat jamin RM20,000 dengan seorang penjamin.

Terlibat Macau Scam, 31 polis bakal dihukum

Mereka dirujuk ke pihak Suruhanjaya Pasukan Polis (SPP) untuk tindakan seterusnya.

Over 300 kidnapped schoolgirls still missing as Nigerian security forces search forests

Rumours circulated on social media on Sunday that the girls had been released, but they turned out to be false.

A lot of businesses are going to the wall as a result of the worldwide pandemic.

Yet those that provide solutions for families locked in their homes with not much to entertain the children are doing very well.

Lego is one of those fortunate companies.

The Danish toymaker said Wednesday that sales jumped 14% in the first half of 2020 compared to the same period last year.

CEO Niels Christiansen pointed to previous investments in e-commerce as crucial during a period in which many retail stores were shut.

Lego’s operating profit rose 11% to US$622 million as a result, according to CNN Business.

It’s not just Lego grinning through the pandemic.

Game makers have also been coining it in as social distancing restrictions encourage millions to find new ways to pass the time on their couch.

Nintendo’s operating profit surged 428% in its most recent quarter as the Switch console and “Animal Crossing” game continued to drive sales. The company’s shares are up 35% this year.

On the other hand, toy conglomerates like Mattel and Hasbro have struggled. These companies blame manufacturing and distribution issues tied to the pandemic as big frustrations.

“We entered the second quarter with extensive retail closures and distribution challenges and had to absorb a full quarter of Covid-19 impact,” Mattel CEO Ynon Kreiz said.

Between April and June, the Barbie-maker saw net sales drop 15% compared to 2019.

Mattel and Hasbro are now looking ahead to Christmas, when they hope they can claw back some lost ground.

Follow us on Telegram for the latest updates: https://t.me/malaysianow

Subscribe to our newsletter

To be updated with all the latest news and analyses.

Related Articles

Get back in line, Khairy warns after cases of politicians cutting vaccine queue

He says his ministry will recommend that the health ministry slap compounds on those who flout the rules.

PM says it again, polls once virus crisis is over

Muhyiddin Yassin says none of the provisions proclaimed under the emergency so far is aimed at keeping the prime minister in power forever.

Throw out your throwaway culture, green group urges global corporations

Saving the seas from single-use plastic can’t be done by consumers alone.

I have big support, Muhyiddin says as he marks first year as PM

He maintains that he still possesses majority support, rejecting accusations that the state of emergency was a ploy to remain in power.

2 PKR MPs quit, declare support for Muhyiddin in blow to party

The decision ends weeks of speculation about their frustration with PKR chief Anwar Ibrahim.