Lego to cut 1,400 jobs as profit declines amid change of leadership

Copenhagen

LEGO A/S reported a decline in sales and profit, and said it would cut 8 per cent of its workforce as Europe's biggest toymaker is going through a leadership transition phase after a decade of rapid expansion.

Net income in the first half of the year declined by 3 per cent to 3.4 billion kroner (S$736 million), the closely held company, which is based in the western Denmark city of Billund, said on Tuesday. Sales declined by 5 per cent to 14.9 billion kroner.