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Last Updated: Wednesday, 15 October, 2003, 07:07 GMT 08:07 UK
GUS dodges summer slowdown
UK retail and financial information giant GUS has said it expects half-year profits to beat previous forecasts.

The company, which owns catalogue retailer Argos and DIY chain Homebase, said an expected summer slowdown failed to materialise.

And its credit reference and business services arm, Experian, reported strong international sales.

The company said it expected interim profits to be "ahead of market expectations".

'Challenging conditions'

Argos, the high street chain selling everything from toys to furniture, outperformed its market with total sales up 14% in the six months to 30 September, GUS said in a statement.

Like-for-like sales, which exclude new store openings, were up 7%.

Consumer electronics, mobile phones, bedding, textiles and toys performed particularly strongly.

Argos Direct, the delivery to home operation, grew sales by 33% and accounted for 23% of sales.

Homebase, the DIY retailer GUS acquired from Permira for �902m last December, notched up total sales growth of 4% in the seven months to 30 September.

The improved performance was driven by strong sales of garden, kitchens and bathrooms.

Like-for-like sales increased 2% and gross margins were described as "in line" year-on-year.

First half sales at Global Experian were up 10%, while sales at Experian North America were up 3%.

Chief executive John Peace said: "GUS has completed a successful first half, with good momentum in all of our businesses.

"We therefore expect interim profits to be ahead of market expectations.

"Despite challenging conditions in some of our markets, we look forward with confidence to the second half of the year and beyond."




SEE ALSO:
GUS catalogues deal hits snag
25 Sep 03  |  Business
GUS sells catalogue business
27 May 03  |  Business
GUS snaps up Homebase
21 Nov 02  |  Business
Sales grow at retail giant
15 Oct 02  |  Business


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