The new Lego store on Dublin’s Grafton Street recorded average weekly revenues of €213,547 last year.
The store, Lego’s first stand-alone shop in the State, opened in August 2022 to huge crowds of shoppers. New accounts show that Lego Ireland Ltd has been able to translate that enthusiasm into revenue of €4.05 million last year.
“Overall, it was a very satisfactory period for Lego Ireland Ltd,” the directors wrote in the accounts, adding that they are satisfied with the financial performance for the period.
The firm recorded a gross profit of €1.53 million after cost of sales totalled €2.52 million. After administration expenses of €1.43 million are taken into account, the firm recorded an operating profit of €94,572.
Net interest payments of €85,771 resulted in a modest pretax profit of €8,801. The company paid corporation tax of €5,611 resulting in a post-tax profit of €3,190.
The accounts show that in May of last year, three months before opening, the firm received a capital contribution of €699,950 from its parent company, Lego A/S.
On the company’s going concern status, a note states that that the entity has profitable operations and no liquidity concerns.
The note does state that “the current economic conditions continue to create uncertainty, particularly over the level of demand for the company’s products”.
[ First Look: Inside Ireland’s first Lego store, on Grafton StreetOpens in new window ]
The accounts put a book value of the firm’s property of €3.58 million at the end of December last year and €1.92 million on the firm’s fixtures, 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.
The new store features Lego’s new retail platform which is said to blend physical and digital experiences in an immersive way, and also allow shoppers to create personalised products.
Globally, in 2022, the Danish-headquartered Lego recorded sales of 64.6 billion Danish kroner (€8.68 billion).
In 2022, the company opened 155 shops worldwide, with about half of them in China.
