January 10, 2017 / 7:31 AM / in 6 months

Russia's Magnit says 2016 sales up 12.8 pct, below fcast

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MOSCOW, Jan 10 (Reuters) - Russia's biggest food retailer Magnit reported on Tuesday a 12.8 percent increase in 2016 sales, missing its 14-16 percent growth forecast.

Sales rose to 1.1 trillion roubles ($18.3 billion) from 947.8 billion roubles in 2015 while like-for-like sales were down 0.3 percent last year, Magnit said in a statement.

In December alone, retail sales growth fell to 6.9 percent from more than 10 percent in previous months.

Shares in Magnit were down 2 percent in early trade in Moscow, underperforming a broader market index. ($1 = 59.9770 roubles) (Reporting by Maria Kiselyova; Editing by Christian Lowe)

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