Thomas Lyons 
The Lego store on Grafton Street in Dublin has reported an impressive €4.05m in revenues in its first year of trading, according to new accounts. The store, which opened on August 18th last year, features Lego’s new retail platform, which combines physical and digital experiences to offer an immersive shopping experience. The store also allows shoppers to create personalised products. The new retail store has been a success, with average weekly revenues of €213,547 over the 19 weeks of trading from August 18th, 2019. The store has been able to translate the enthusiasm of Lego fans into hard cash, with directors stating that the period has been “very satisfactory” for Lego Ireland Ltd.
The company recorded a gross profit of €1.53m, with operating profit of €94,572 after administration expenses of €1.43m. Net interest payments of €85,771 resulted in a pre-tax profit of €8,801, with corporation tax of €5,611 resulting in a post-tax profit of €3,190. The profit takes account of non-cash depreciation costs of €87,127 and inventory write-down of €22,068, along with foreign exchange losses of €16,701.
The accounts show that the firm received a capital contribution of €699,950 from its parent company, Lego A/S, three months prior to opening. On the company’s going concern status, a note states that the entity has profitable operations and has no liquidity concerns. However, the note also states that “the current economic conditions continue to create uncertainty, particularly over the level of demand for the company’s products”.
The accounts put a book value of the firm’s property at €3.58m at the end of December last year, with €1.92m on the firm’s fixture, fittings and equipment. At the end of December last, the firm employed 42 people. The company’s shareholder funds totalled €703,190 while its cash funds totalled €146,529.
Globally, Lego recorded sales of 64.6 billion Danish krone (€8.68 billion) in 2022. The company opened 155 shops worldwide in 2022, with around half of them in China. The success of the Dublin store is part of a broader trend of Lego’s retail expansion, which has seen the company open dedicated retail stores in cities around the world. The company’s new retail platform has been designed to offer an immersive shopping experience, with a focus on personalisation and interactivity.
Lego’s success in Ireland is a reflection of the popularity of the brand among children and adults alike. The company has a long history of producing high-quality, creative toys that encourage children to learn and explore. With the opening of its new retail store in Dublin, Lego has been able to bring its brand to life in a new and exciting way, offering customers the opportunity to engage with the brand in a more meaningful way. The success of the store is a testament to the enduring appeal of Lego, and its ability to innovate and evolve in response to changing consumer trends.
