Russian retailer Magnit has posted an 11% rise in underlying annual revenues, although its sales slowed in the fourth quarter of the year.

Magnit yesterday (11 January) reported an 11.1% increase in like-for-like revenue for 2011. The retailer’s average ticket, excluding VAT, was up 9.7%, with customer traffic increasing 1.3%.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

However, Magnit’s like-for-like sales growth was 3.1% in the fourth quarter on the back of a 1.9% drop in traffic. Customers to its hypermarkets increased 1.3% but shoppers to the retailer’s convenience stores fell 2%.

Magnit’s net retail sales jumped 42.12% in 2011 to RUR335.6bn (US$10.6bn), boosted by the opening of over 1,250 stores.

The retailer noted that food inflation was 3.9% in 2011; a year before it was 12.9%.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Food Excellence Awards - The Benefits of Entering

Gain the recognition you deserve! The Just Food Excellence Awards celebrate innovation, leadership, and impact. By entering, you showcase your achievements, elevate your industry profile, and position yourself among top leaders driving food industry advancements. Don’t miss your chance to stand out—submit your entry today!

Nominate Now