Parents, youre not alone. Lego admitted this week that it has created way too many bricks.
The company said this week that its sales have fallen for the first time in 13 years, adding that too much stock might be the reason, according to CNN Money.
The company said that its annual revenue dropped 8 percent in 2017. This happened after the companys long stretch of rapid growth following a new amount of Star Wars-themed toys and the release of The Lego Movie.
Lego Group CEO Niels Christiansen said there isnt a quick fix for the company and it might take some time to rebuild since Lego is so large and spans the globe.
"Overall we are not satisfied with the financial results," he said. "There is no quick fix and it will take some time to achieve longer term growth," he added.
The toymaker also said too much stock, along with drops in sales, led to a poor performance in 2017.
"There wasn't enough room to get 2017 toys into the stores, and the toy trade is driven by newness," a Lego spokeswoman told BBC.
In fact, toy analysts Matthew Hudak told CNN that the companys continued success may have led to less demand, which led to a drop in sales numbers.
"Households can have too many Lego products and not want more each year," Hudak said.
In September 2017, Lego cut 1,400 jobs after suffering from weak demand over a new Batman toy line, according to Bloomberg. The company said at the time it was heading toward its worst decline in a decade.
Lego said at the time that it would reduce its companys workforce by 8 percent, despite a run of success that ballooned its workforce to more than 18,200 employees.
Were losing momentum and were losing productivity, Chairman Jorgen Vig Knudstorp told Bloomberg at the time. We have built an increasingly complex organization. This could ultimately lead to stagnation or decline.
Lego will continue to make products, though. The company announced a new sustainable, plant-based toy that will be made from sugarcane, according to CNBC.
The company said it hopes to have all sustainable products by 2030.
The company said this week that its sales have fallen for the first time in 13 years, adding that too much stock might be the reason, according to CNN Money.
The company said that its annual revenue dropped 8 percent in 2017. This happened after the companys long stretch of rapid growth following a new amount of Star Wars-themed toys and the release of The Lego Movie.
Lego Group CEO Niels Christiansen said there isnt a quick fix for the company and it might take some time to rebuild since Lego is so large and spans the globe.
"Overall we are not satisfied with the financial results," he said. "There is no quick fix and it will take some time to achieve longer term growth," he added.
The toymaker also said too much stock, along with drops in sales, led to a poor performance in 2017.
"There wasn't enough room to get 2017 toys into the stores, and the toy trade is driven by newness," a Lego spokeswoman told BBC.
In fact, toy analysts Matthew Hudak told CNN that the companys continued success may have led to less demand, which led to a drop in sales numbers.
"Households can have too many Lego products and not want more each year," Hudak said.
In September 2017, Lego cut 1,400 jobs after suffering from weak demand over a new Batman toy line, according to Bloomberg. The company said at the time it was heading toward its worst decline in a decade.
Lego said at the time that it would reduce its companys workforce by 8 percent, despite a run of success that ballooned its workforce to more than 18,200 employees.
Were losing momentum and were losing productivity, Chairman Jorgen Vig Knudstorp told Bloomberg at the time. We have built an increasingly complex organization. This could ultimately lead to stagnation or decline.
Lego will continue to make products, though. The company announced a new sustainable, plant-based toy that will be made from sugarcane, according to CNBC.
The company said it hopes to have all sustainable products by 2030.
