Lego CFO: Everything is awesome, even in China
Not just impervious to the depredations of small children, Lego also appears largely immune to the current global climate of political and stock market volatility.
The beloved Danish toy manufacturer reported an 18 percent increase in its first-half global sales growth - excluding the impact of foreign exchange; even Lego feels forex swings - and a net profit of 3,553 million Danish krone ($535.58 million), a near-31 percent year-on-year increase.
And Lego said it was pushing ahead with plans for expansion in Asia, including establishing a new manufacturing facility in Jiaxing, China, to meet regional demand for the plastic bricks.
"[Asia] was our strongest growing region during the first six months and that's a reinforcement that we need to continue to push and reach our consumers," said John Goodwin, Lego's Chief Financial Officer, told CNBC on Wednesday.
"We're really excited around the fact that we've continued to create appealing products that seem to have universal appeal around the globe," he added.
Despite vulnerability in emerging markets, China's growth slowdown and currency devaluation, and a slide in the value of most Asian currencies, Lego reported that Asia provided the highest regional growth rate.
Goodwin said that as well as an Asian expansion, the company was pushing into digital. Lego Worlds - a game that allows users to build within a digital platform - was launched this year but is in an early stage of development and slated for release in 2016.
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According to Goodwin, Lego Worlds is not intended to replace physical play but is an addition to the Lego experience, and way to express creativity digitally.
"People getting involved in Lego World are translating that into an increased interest in the physical product," said Goodwin.
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