The UK mail order and information services group GUS has reported annual earnings above analyst expectations and said it will partially float its fashion label Burberry within a year.

The Great Universal Stores (GUS) group made a profit of �487m last year, a rise of 9%, from �448m the previous year.

GUS brands include the Argos catalogue stores, the financial services business Experian and the Burberry clothing chain.

GUS shares opened a little firmer, up about 0.4% from Monday's close.

Cash cow

GUS said it was unsure about the impact of the US economic slowdown on the North American arm of Experian, the group's cash cow.

Experian, the personal and business credit rating business, reported 8% growth in operating profits to �216m, about half of the group's total.

"Although we remain uncertain about the impact on Experian North America of a slowing US economy, our intention for the current year is to continue this progress, while significantly increasing investment in the business to drive future growth," said chief executive John Peace in the results statement.

Experian has more than 100,000 clients in more than 50 countries, but North America is by far its biggest market.

Burberry float

Burberry's profits more than trebled to �69.5m from �21.7m the previous year.

In November 2000, GUS announced it intended to partially float Burberry.

"Progress is being made in preparing the company to become a separate PLC, while still strongly driving forward momentum in the business," GUS said.

The flotation should take place, subject to market conditions, in the next 12 months, the company said.

Outlook

For 2000/01, GUS reported exceptional charges of �84.7m, mainly due to the restructuring of its Argos Retail Group and Reality and asset write-downs because of the closure or disposal of non-core businesses.

GUS forecast another �35m in restructuring charges this year, before any further disposal costs.

It did not comment on current trading but is due to give an update on first-quarter trade at its AGM on 25 July.

A special resolution will be put to shareholders at the AGM to change the name of the company from Great Universal Stores to GUS PLC.