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LEARN MOREPosted: 3:07 p.m. EDT Sep 5, 2017
It looks like everything is not awesome for Lego's sales these days.
The Danish toy company said Tuesday its revenue dropped 5 percent to $2.39 billion during the first half of this year. And it plans to cut approximately 1,400 jobs before it presses the reset button.
Lego's executive chairman told Bloomberg the business became "too complex" and started losing productivity and momentum.
This is Lego's first drop in annual revenue in more than a decade — surprising to some, given the company's impressive growth in recent years.
As Fortune points out, products based on popular film franchises and a major motion picture helped Lego bring its annual sales up from $2.3 billion in 2010 to $5.2 billion in 2015.
And it showed no signs of slowing down. Earlier this year, the company reported its revenue for 2016 was over $6 billion — the highest in its 85-year history.
But Lego's mid-year sales are still beating one of its biggest competitors; Mattel's revenue came in at $1.71 billion.
