Australian supermarket and department store operator Coles Myer yesterday [Thursday] released a robust set of fourth-quarter sales results.

Turnover for the 13 weeks to 25 July increased 28.1% to A$8.6bn (US$), driving annual sales up 19.4% to $32.3bn.

As a result of the strong fourth quarter, Coles hiked its net profit forecast to $565m from its earlier forecast of $530-540m. Chief executive John Fletcher said the fourth quarter was a great end to a "stellar year" and commented that it could be the best three-month period in the company's history.