Russian retailer Magnit has seen its like-for-like sales growth accelerate during the third quarter of 2010.

The company said today (11 October) that its like-for-like sales rose 12.4% during the quarter, against growth of 7.6% in the second quarter of the year.

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For the first nine months of the year, Magnit’s like-for-like sales rose 6.8% year-on-year.

The company, which is listed in London, said preliminary consolidated net retail revenue for the first nine months of 2010 RUR164bn (US$5.49bn), up 35.2% on the year.

Magnit opened 465 stores in the first nine months of the year and now runs just under 3,700 outlets in Russia.

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Elsewhere today, X5 Retail Group, Russia’s largest retailer by sales, also booked faster like-for-like sales growth in the third quarter of the year.

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Magnit shares rose 2% to reach RUR25.55 at 12.04pm BST in trading today.