LEGO products contributed to sales success for Smyths in 2017.
Smyths, the chain of toy warehouse stores, has credited LEGO products – along with super hero toys and Shopkins toys – as being part of a successful 2017 that saw the company increase sales by 11%. In the UK, the chain’s sales went from £404 million to £475 million, with pre-tax profits up by 18%, at £11.8 million, Toy World reports.
The retailer only entered the UK in 2007, already having an established business in Ireland. Over the past decade, the company has grown significantly. Further expansion is expected in the coming years after the owners recently acquired the Toys R Us business in Germany, Austria and Switzerland, which adds an additional 90 stores to the toy chain’s portfolio.
“We are very pleased with the increase in profit particularly given the current economic climate and the increased competition in the marketplace,” the directors said of the strong 2017 results. They also promised further UK expansion.
As Smyths continued to expand in the UK, the company spent £20.66 million on purchasing property for new sites and increased the number of employees from 1,888 to 2,195.
After the closure of Toys R Us, Smyths is now the UK’s largest out of town dedicated toy retailer.