Major Russian retailer X5 Retail Group saw its shares dip today (20 January) after it posted a fourth-quarter drop in like-for-like sales.

The results for the three months to the end of December showed like-for-like sales dropped 2%, although the retailer’s consolidated net sales rose 16% to RUR123bn (US$3.9bn).

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Nevertheless, shares in Russia’s largest retailer by sales, which is listed in London, tumbled 9.94% to US$23.42 by 10:05 GMT.

CEO Andrei Gusev said a tough second half of the year and the integration of Kopeyka had hit numbers.

“Whereas X5’s results in 2010 and the first half of 2011 benefited from stronger consumer spending and trading up trends bolstered by economic recovery, the picture has reversed in the third and fourth quarter of this year,” he said.

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“The tougher market environment, a strong comparative base effect and consolidation of Kopeyka from December 2010 are reflected in X5’s Q4 2011 trading results.”

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Over 2011 as a whole, X5’s consolidated net retail sales increased 32% year-on-year to RUR452bn. Like-for-like sales grew 6%.

The retailer added a “record” 577 stores to its network in 2011 and converted 616 Kopeyka stores, the chain it acquired in December 2010, as well as closing 44.