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%.

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%.