Toymaker Lego reports first annual sales decline in 13 years

COPENHAGEN (Reuters) – Danish toymaker Lego on Tuesday posted its first annual drop in sales in 13 years, as the company faces challenged retail markets in North America and Europe.

FILE PHOTO: Details of Zhengyang Gate Tower of Forbidden City made with Lego bricks are pictured at a Lego store in Beijing, China January 13, 2018. REUTERS/Jason Lee/File Photo

Lego said sales fell 8 percent last year to 35 billion Danish crowns ($5.80 billion), while profit before tax fell 18 percent to 10.2 billion crowns.

“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.

Reporting by Jacob Gronholt-Pedersen, editing by Louise Heavens

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