The new Lego store on Grafton Street in Dublin saw an impressive average of €213,547 in weekly revenues in its first year. Hundreds of Lego fans lined up in front of 41 Grafton Street on August 18th to celebrate the much-awaited opening of the first dedicated Lego retail store in Ireland. The accounts of Lego Ireland Ltd reveal that the company was able to convert that enthusiasm into tangible profits, with €4.05 million in revenues over the 19-week trading period from August 18th.
This equates to a weekly average of €213,547. The store is designed with an innovative retail platform that combines physical and digital elements to create an immersive shopping experience, and also allows shoppers to personalize products. The directors of the company are pleased with their financial performance, citing a gross profit of €1.53 million and an operating profit of €94,572 after administration expenses. After interest payments and taxes, the firm ended up with a post-tax profit of €3,190.
The profit was calculated after taking into account non-cash depreciation costs of €87,127, inventory write-down of €22,068, and foreign exchange losses of €16,701. The accounts also reveal that in May of the same year, three months prior to the store opening, the parent company, Lego A/S, made a capital contribution of €699,950. The directors are confident that the company’s profitable operations and lack of liquidity concerns make it a viable going concern.
The book value of the firm’s property and fixtures, fittings, and equipment amounted to a total of €3.58 million and €1.92 million, respectively, at the end of December. The firm employed 42 people at the same time. The shareholder funds totalled €703,190, while the cash funds totaled €146,529. Globally, Lego saw a total of 64.6 billion Danish krone, or €8.68 billion, in sales in 2022, with 155 stores opened in that year, approximately half of which were in China.
