LEGO Company announces poor performance in year 2000
March 1 2001
Billund, Denmark - The LEGO Company today announces it ran a deficit of about DKK 1 billion in year 2000. "Financially, the past year was extremely disappointing," says Poul Plougmann, Executive Vice President and COO of the LEGO Company. "But we know what went wrong and we know what to do about it."
The year 2000 was a very difficult year for the entire toy industry. But despite many strengths and high points, the LEGO Company was affected "because we lost focus," Plougmann said.
"We will refocus on our core business, which is materials for open-ended play for children," he said. "That is what the brand is about -- stimulating imagination, creativity and learning -- and it is what children and parents expect from us. We will continue to expand within this area, applying a growth strategy with a huge potential and lower risk."
Plougmann said all indicators point to a profitable year 2001 for the privately owned LEGO Company. "The LEGO brand is as strong as ever," he said.
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