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GUS Gusbourne Plc

65.00
0.00 (0.00%)
18 Mar 2024 - Closed
Delayed by 15 minutes
Gusbourne Investors - GUS

Gusbourne Investors - GUS

Share Name Share Symbol Market Stock Type
Gusbourne Plc GUS London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 65.00 08:00:00
Open Price Low Price High Price Close Price Previous Close
65.00 65.00 65.00 65.00 65.00
more quote information »
Industry Sector
GENERAL FINANCIAL

Top Investor Posts

Top Posts
Posted at 12/2/2016 17:36 by roddyb
Gusbourne may have great wine but I am concerned that our 64% shareholder was not in the best of health last year and should, GF, anything happen - won't his 64% head straight back to the market? He is obviously entitled to his rights of privacy but in these instances it would give more comfort to investors to have an agreed succession plan published?
Posted at 08/10/2006 08:19 by waldron
The Sunday Times October 08, 2006


Top rating for Experian float
Grant Ringshaw



EXPERIAN, the company that rates people's credit worthiness, yesterday bucked recent City jitters by pricing an £800m share offer near the top of the expected range.
Experian, which is being spun off from the retail conglomerate GUS, will become a new member of the FTSE 100 when it lists on the London Stock Exchange this week. The company will have a market value of £5.7 billion after it sold shares to investors at 560p - towards the top of the expected 475p to 610p range.



GUS shareholders will receive one share in Experian for every one they currently hold in the group, which includes Argos and the DIY retailer Homebase.

The 560p price was established by selling additional shares to existing and new investors. The funds raised will be used by Experian to reduce the £1.8 billion debt it is taking on as part of its demerger from GUS. Existing investors bought £275m of the new shares on offer, with new investors snapping up £575m. Home Retail Group, the remaining business, is expected to have a market value of between £3 billion and £4 billion.

Last year GUS took the decision to split itself up, arguing that a demerger of Experian was the best way to unlock value for shareholders.

Experian is best known as the world's largest credit-scoring agency, but its reach has expanded in recent years. It now deals with all sorts of valuable, and often highly sensitive, financial information - offering its services to corporate clients and, increasingly, to consumers.

As well as providing credit-ratings on companies, it also supplies retailers with information on customers' shopping habits and spending patterns.

About 60% of the company's turnover comes from America, but chief executive Don Robert recently told The Sunday Times that he was eager to expand into Asia, and in particular China. Official trading in Experian and Home Retail Group is expected to start on Wednesday.
Posted at 04/10/2006 15:45 by enami
Hi guys, the EPIC codes after the demerger are as follows. Could not find this info anywhere in any RNS, so emailed GUS investor relations.

HomeRetail Group will be HOME
Experian will be EXPN
Posted at 12/7/2006 07:10 by grupo
GUS says Homebase sales continue to fall, margin pressure at Argos

LONDON (AFX) - GUS PLC, the retail and credit information group, said
underlying sales at its Homebase DIY chain continued to fall in its first
quarter and revealed significant margin pressure at its Argos chain of high
street catalogue shops.
The group, which plans to demerge Argos Retail Group (ARG, which consists of
Homebase and Argos) and Experian, its credit checking business, in October, also
issued a cautious outlook statement.
"In the first quarter of the financial year, the non-food, non-clothing
market in the UK was stronger than expected," it said.
"ARG remains cautious on the outlook for a recovery in the rate of growth in
consumer spending and expects the DIY market in particular to remain difficult."
However, GUS maintained all its businesses were trading in line with
internal expectations and were in "good shape" for a future as independent
companies.
For the four months to June 30 Homebase's total sales fell 1 pct and on a
like-for-like basis, which strips out the impact of new space, sales were down 5
pct. This compares to a fall of 5 pct over the previous five months.
Homebase trades from 300 stores and is the UK's second largest home
improvement retailer after Kingfisher PLC's B&Q, which is also struggling for
sales in the face of weak consumer demand.
GUS said although Homebase saw strong growth in kitchens and furniture, core
DIY and decorating ranges remained weak.
It noted that, as planned, gross margin was ahead of the previous year as a
result of a reduced level of promotional activity together with the benefits
obtained from supply chain initiatives.
Argos, which trades from 663 UK stores, saw total sales increase 14 pct in
the three months to June 30. Its like-for-like sales increased 7 pct -- an
outturn ahead of analysts' expectations and an improvement on flat underlying
sales in the previous quarter.
Consumer electronics performed very strongly, especially flat panel TVs and
set top boxes in the lead up to and during the World Cup. Argos also highlighted
good sales growth in bedroom furniture, photography and video game systems.
However, Argos' improved sales performance was "substantially offset" by a
related reduction in gross margin compared to the previous year.
This was driven by a shift in the product mix and by promotional offers in
the quarter, partially offset by benefits from supply chain initiatives.
Experian delivered another stellar performance in the three months to June
30, with sales at actual exchange rates up 23 pct and sales at constant exchange
rates up 21 pct -- organic growth of 8 pct with the balance from acquisitions.
Last week GUS revealed it had turned down several takeover approaches for
ARG and Experian, having concluded that shareholder interests are better served
by proceeding with the previously announced demerger.
The group did not name its suitors but reports suggested venture capital
groups KKR, CVC and Permira and the investment bank Goldman Sachs could be
interested.
Some analysts reckon GUS made public its rejection of the approaches to
flush out higher bids.
The demerger will see both ARG and Experian becoming independently listed on
the London Stock Exchange -- ARG in the General Retailing sector and Experian in
the Support Services sector.
At the time of the demerger GUS is also planning for Experian to raise some
800 mln stg, with up to 5 pct of the shares available to new investors.
GUS' outstanding bonds and loan notes, totaling about 2 bln stg, will be
held with Experian. This reflects ARG's significant ongoing leasehold
commitments -- over 300 mln stg a year in rent.
The demerger will mark the final chapter in the break-up of the conglomerate
formerly known as Great Universal Stores. Last year GUS disposed of Lewis, the
South African retailer and demerged its remaining 65 pct stake in luxury brand
Burberry Group PLC, and in January it sold its last remaining home shopping
business, Dutch group Wehkamp, for 320 mln eur.
GUS shares closed Tuesday at 989-1/2 pence, valuing the business at 8.78 bln
stg.


james.davey@afxnews.com
jdd/slm
Posted at 27/2/2006 07:18 by ben nevis
So... everyone is getting bored with mergers;

so from now on, its demergers to keep investors happy lol
Posted at 30/1/2006 15:58 by onehanded
0926 GMT [Dow Jones] Numis Securities lifts GUS (GUS.LN) target price to 1234p from 1030p. Says Experian is one of the most attractive businesses that investors in the UK market could gain exposure to. "With all the attractions of Experian to drive the share price, investors in GUS effectively get an 'option' on any improvement in the retail market thrown in for free," brokerage says. "To us, this seems a much safer way of playing this angle than buying into a pure household retail business such as DSG (DSGI.LN) or Carpetright (CPR.LN)." Maintains GUS' buy rating. Trades +1.4% at 1037.5p. (DWE)

Should see a short on CPR for tomorrows results then
Posted at 12/1/2006 07:28 by waldron
Trading Statement

RNS Number:8147W
GUS PLC
12 January 2006

12 January 2006

GUS plc
Third Quarter Trading Update

GUS plc, the retail and business services group, today issues its regular update
on trading.

John Peace, Group Chief Executive of GUS, said:

"The performance of both ARG and Experian in the third quarter reflects the
benefits of our continued investment in initiatives to drive sustainable growth.
Both Argos and Homebase outperformed their markets in the period, while
Experian's broad range of products and services in many countries around the
world continued to underpin its strong performance."


Argos Retail Group (ARG)

% change in sales year-on-year for 14 weeks to 7 January 2006
%
Argos - total 9
- like-for-like 0


Homebase - total 1
- like-for-like (3)

The non-food, non-clothing market remained weak during the period, although
there was a boost to spending in the run-up to Christmas. Against this
background, initiatives at Argos, including Argos Extra, and at Homebase,
including mezzanines and Furniture Extra, have enabled both businesses again to
outperform their markets.


Looking forward, ARG continues to plan on the assumption that like-for-like
sales will remain in decline for the non-food, non-clothing market as a whole
for much of 2006, with increased promotional activity continuing in the DIY
market in particular. UK retailers are also facing inflationary pressures on
costs, as previously outlined.


Argos

In the 14 weeks to 7 January 2006, total sales at Argos increased by 9%. New
stores contributed all of this growth, aided by the 33 acquired Index stores.
Argos had 650 stores at the period end, up from 583 a year ago.

Like-for-like sales at Argos were in line with last year, supported by the
national roll-out of Argos Extra. The contribution to sales of toys and
jewellery in the third quarter is about double that in the rest of the year;
jewellery remained a difficult market. There was, however, a good performance
from consumer electronics, with strong market demand in gift areas such as MP3
players and video games systems, as well as flat screen TVs and satellite
navigation. Furniture and white goods also achieved good growth. Gross margin
was in line with last year as supply chain gains countered an adverse product
mix.

Customers continued to increase their use of Argos' multi-channel capabilities.
Argos Direct, the delivery to home operation, grew sales by 14% in the period,
representing 19% of sales. Within this, sales ordered on the Internet increased
by 37% in the period, contributing 6% of sales. A further 13% of sales were
reserved by phone or Internet for later collection in store (Check and Reserve),
up 38% year-on-year.

The Spring/Summer 2006 catalogue, which will be launched on 21 January,
continues to give customers better value and increased range. It will be the
first Spring/Summer catalogue to offer customers in all stores the entire Extra
range of 17,200 lines (up from 13,300 in the main catalogue a year ago).

Homebase

Sales at Homebase grew by 1% in the 14 weeks to 7 January 2006. New stores
contributed 4% to sales growth. Homebase traded from 297 stores at the period
end (of which 141 had mezzanines) compared to 287 a year ago (104 with
mezzanines). Despite an increase in promotional activity compared to last year,
like-for-like sales declined by 3% in the period. Gross margin was slightly down
year-on-year.

In what remained a very difficult DIY market, total sales of core DIY and
decorating products were lower than last year. Homebase's performance in the
quarter was, however, helped by good growth in big ticket items driven by
initiatives such as new mezzanines and the national roll-out of the Furniture
Extra catalogue in Autumn 2005.


Experian

% change in sales year-on-year for the three months to 31 December 2005
Continuing At actual exchange At constant
activities only rates % exchange rates %

Experian North America 40 31
Experian International 8 8
Global Experian 25 20

Experian again performed strongly, with a 20% increase in sales in the third
quarter (7% organic; 13% from acquisitions). Experian continues to win business
in many countries, driven by the strength of its product range, its business mix
and broad global reach. As expected, growth at Experian North America slowed
from the exceptional levels achieved in the last twelve months.


Experian North America

In dollars, sales at Experian North America increased by 31% in total, of which
23% came from corporate acquisitions. Although the business traded against much
stronger comparatives, organic growth in the quarter was 8%, supported by
contract wins in many areas.

In dollars, Credit Information and Solutions together delivered double-digit
growth excluding acquisitions. This was driven by continued strength in
prescreen, scoring and analytics. The FACT Act cost recovery charge contributed
3% of the growth in Credit and has fully annualised from 1 January 2006.
Marketing Information and Solutions together showed solid growth, with e-mail
marketing and syndicated market research performing particularly well.

Experian Interactive accounted for 35% of North America sales in the third
quarter. This reflected a first time contribution from acquisitions
(LowerMyBills.com, ClassesUSA and PriceGrabber.com), which are trading ahead of
plan, and a continued strong performance from Consumer Direct. MetaReward was
down year-on-year as expected as it anniversaried some large, one-off campaigns
last year.

Experian International
At constant exchange rates, sales at Experian International increased by 8% in
the third quarter. Organic growth was 6% and acquisitions contributed 2% (as QAS
has now been part of Experian for more than a year).

Experian International showed solid growth in Credit, Marketing and Outsourcing.
There was good growth at Experian UK despite subdued consumer lending. This
reflected strength in both credit and marketing solutions, continued new
contract wins in the telecoms and public sectors and direct-to-consumer.
Experian-Scorex delivered double-digit growth with strong performances in
Eastern Europe and Asia Pacific. The French Outsourcing business has recently
won major contracts in cheque processing and the government sector.

Experian International continues to make complementary acquisitions, including
FootFall, the market leader in measuring pedestrian shopper flows. This
transaction reinforces Experian's position as a leading provider of data,
analytics and consultancy services for retailers and property owners.

Disposals

The demerger of GUS' remaining stake in Burberry to its shareholders was
completed on 13 December 2005. Benchmark profit before tax1 for GUS for the year
to 31 March 2006 will include a contribution from Burberry up to the date of
disposal.

On 28 October 2005, GUS announced an agreement to dispose of Wehkamp for about
Euro390m to Industri Kapital, a private equity firm. Subsequently, the Dutch
government announced a reduction in the maximum interest rate chargeable by
commercial lenders to consumers from 21% to 16%. As this reduction will have a
substantial effect on the future profitability of Wehkamp, the external funding
made available to the purchaser was cut. In the circumstances, GUS has agreed to
a reduction in consideration to approximately Euro320m to reflect lower expected
earnings. Completion of the transaction is expected later this month. The net
book value of assets at the date of completion is expected to be approximately
Euro335m. GUS now expects to realise a loss, after costs, of about Euro25m on the
transaction which will be booked in the second half of the current financial
year.

Future announcements
GUS will announce its Preliminary Results for the 12 months to 31 March 2006 on
24 May 2006. The Second Half Trading Update will be on 12 April 2006.

Enquiries

GUS
David Tyler Group Finance Director 020 7495 0070
Fay Dodds Director of Investor Relations

Finsbury
Rupert Younger 020 7251 3801
Rollo Head

GUS announcements are available on its website, www.gusplc.com. There will be a
conference call to discuss this update at 3pm today, with a recording available
later on the GUS website.

Certain statements made in this Trading Update are forward-looking statements.
Such statements are based on current expectations and are subject to a number of
risks and uncertainties that could cause actual events or results to differ
materially from any expected future events or results referred to in these
forward-looking statements.

1 Benchmark PBT is defined as profit before amortisation of acquisition
intangibles, exceptional items (i.e. gains or losses on disposal or closure of
businesses and goodwill impairment charges), financing fair value remeasurements
and taxation. It includes the Group's share of associates' pre-tax profit and
the profits or losses of discontinued operations up to the date of disposal or
closure.



This information is provided by RNS
The company news service from the London Stock Exchange

END
TSTILFSTLIILLIR
Posted at 04/12/2005 07:47 by grupo guitarlumber
Trouble at till

British retailers are pinning their hopes on a good festive season. They know if it doesn't go well, the vultures are circling, says Nick Mathiason

Sunday December 4, 2005
The Observer


On the face of it the story was hardly compelling. In fact most people would glaze over at the mention of a telecom takeover in Denmark. But last Thursday, Europe's largest-ever private equity takeover set alarm bells ringing in the boardrooms of Britain's leading retail companies.
UK-based Apax Partners and Permira teamed up with American counterparts Blackstone Group, Kohlberg Kravis Roberts and Providence Equity Partners in a deal worth £8.9 billion to buy telecoms operator TDC.

There is hardly anything new about venture capital firms forming consortia to buy companies. But the sheer recordbreaking scale of this private equity deal proves major venture capital is setting its sights on Europe with a vengeance. And what's more, money is no object.

For retailers busy gearing up for what many of them predict will be the worst Christmas for 20 years, the takeover didn't pass unnoticed. In fact they saw it as the shape of things to come.

One director of a leading retailer said: 'Venture capital is awash with money and they're going for big targets. Do not be surprised that in the first half of next year, you will see some very big deals.'

Even though they've got more than enough to worry about, talk of enemies at the gates of some of the most famous names in retail was gaining currency last week with Sainsbury's, Marks and Spencer, B&Q and Dixons all mentioned as possible targets next year.

The timing of this new interest in buying high-street businesses may seem bizarre. After all, last week a CBI survey said retailers were expecting their worst Christmas since 1983. And more than half the retailers polled said trading was down in November. In addition, Capital Economics believes that talk of a pension crisis dominating the news agenda will give consumers good reason to pause for thought about splashing out.

If that were not enough, a series of profit warnings and gloomy trading statements from some of the most famous names on the High Street has cast a deeper shadow. Strugglers include BHS, Matalan, Next, WH Smith, B&Q, MFI and Dixons. Insiders say other retailers likely to struggle over Christmas are Clinton Cards, Iceland and House of Fraser.

Richard Hyman, managing director of retail consultant Verdict Research, said: 'This Christmas will be a little bit worse than last Christmas which was poor but was not quite as bad as people made out. The really big problem faced by retailers is the squeeze on margins. That is not going away. In fact we believe it is here to stay forever.'

While clothing retailers are thankful that cold weather is increasing winter stock sales, furniture and DIY retailers are suffering badly.

Despite all this, some leading executives believe private equity firms are now about to unleash a spectacular raid on the sector, betting that this Christmas marks the end of the consumer downturn. The tactic is classic private equity: buy at the bottom and sell at the top.

Although last Thursday's CBI figures were woeful there is some evidence that shoppers are beginning to open their purses. Eighteen months of keeping a close watch on spending, while simultaneously paying off ballooning credit card bills may have run its course.

Sales at the John Lewis Partnership in the week to 26 November were up 8.5 per cent on the same period last year. And in the 17 weeks to last month, sales at the partnership, which includes the Waitrose supermarkets, rose by 5.1 per cent.

This week's British Retail Consortium figures are expected to show a small increase in like-for-like sales. This will be only the third time in 2005 that sales are up on the high street.

And the BRC, which represents Britain's biggest retailers, is expecting Christmas to be better than many are predicting. 'We're not looking at the sort of Christmas that the doom-mongers were talking about a few weeks ago,' said Kevin Hawkins, the BRC's director-general. 'It won't be Armageddon. It's going to be terribly challenging for some but this year retailers are trading off tighter stock levels. Decisions were made on stock last spring when confidence wasn't high.

'Margins will be protected so there won't be massive discounting. Any consumers expecting sales in the last few days before Christmas will be largely disappointed.' Footfall at the UK's major shopping centres is increasing on last year's figures.

Retail monitor Zephyr produced figures last Friday showing merger and acquisition activity in the UK has tailed off this year as consumer confidence flounders. The value of deals last month was the lowest since February 2003 at just £76m.

But the dam may be about to burst. And whereas in the past, venture capitalists steered away from large companies, preferring smaller fry, now they are scaling up, buoyed by a mountain of money. Investors are flocking to invest in VC buy-out funds which yield far better returns than equities and the slowing housing market.

Nick Bubb, retail analyst at Evolution Securities, said: 'Reading John Lewis's figures you're thinking, "Blimey, maybe things aren't as bad as we thought." But if interest rates go up again that will affect figures. Targets? Well DSG [owner of Dixons] has to be a strong possibility. It's got European business which offers arbitrage. It's too late for Boots. Everyone looked at that. Kingfisher [which owns B&Q] is similar to Dixons which has a strong European business.'

Senior insiders say that J Sainsbury and even Marks & Spencer are on the venture capital radar. These companies will only be bought out by private equity forming into consortia as they did with TDC in Denmark. J Sainsbury has long been slated for a buyout, although the company still has 32 per cent of its shares held by family members who would have to agree to any deal. Persistent talk says former Asda boss Archie Norman will be the man parachuted in to run the show.

The unstoppable spread of Tesco seems set to bite great chunks out of traditional electrical retailers' businesses. The supermarket giant is pledged to sell 50,000 iPods, 10,000 satellite navigation kits, 70,000 digital cameras and 25,000 flat-screen TVs over the Christmas period. If that wasn't enough to give rivals grief, the prospect of a struggle for ownership is beginning to loom large.
Posted at 17/11/2005 09:25 by ariane
GUS 1st-Half Profit Falls as Argos and Homebase Slide (Update1)
Nov. 17 (Bloomberg) -- GUS Plc, Britain's second-largest retailer by market value, said first-half profit fell 6.9 percent as sliding earnings at U.K. store chains Argos and Homebase outweighed growth at the Experian credit-checking business.

Net income for the six months ended Sept. 30 slid to 276.5 million pounds ($475 million), or 27.6 pence a share, from 296.9 million pounds, or 29.3 pence, a year earlier, London-based GUS said today in a Regulatory News Service statement. A Bloomberg survey of 12 analysts showed a 253 million-pound median estimate.

Sales at Argos and Homebase are falling as record fuel costs and stagnating home prices crimp U.K. household spending. That's offsetting revenue growth at Experian, which is benefiting as more U.S. consumers seek information on their credit histories. GUS is delaying plans to sell or spin off Experian until market conditions for the U.K. retail businesses become more favorable.

``Although profit at Argos Retail Group has been impacted by the tough U.K. retail environment, we have gained share and maintained or improved gross margin,'' Chief Executive John Peace said in the statement. Experian's first-half profit exceeded 200 million pounds for the first time, he said.

Shares of GUS have dropped 9.4 percent this year, similar to the loss by the FTSE 350 General Retailers Index. The stock fell 7.5 pence to 850 pence in London yesterday, giving the company a market value of 8.5 billion pounds. Tesco Plc, the U.K.'s largest retailer by market value, is worth 24.5 billion pounds.

Argos, Homebase

Pretax profit before one-time gains and losses fell to 376.4 million pounds from 406.9 million pounds a year earlier, GUS said. That median analyst estimate was 368 million pounds.

Earnings at Argos Retail Group, which includes the 636- store Argos chain and Homebase home-improvement stores, fell 35 percent to 108.9 million pounds, GUS said. Profit was affected by one-time costs of 20 million pounds related mostly to the acquisition of 33 Index stores from Littlewoods, the company said. Revenue was little changed at 2.62 billion pounds.

Sales at Argos stores open a year or longer fell 3 percent in the first half, while Homebase, the U.K.'s second-largest home-improvement chain, had a 4 percent decline, GUS said.

Experian's first-half earnings jumped 35 percent to 200.4 million pounds, the company said. Sales at the unit rose 29 percent in the period to 808 million pounds.

Breakup

GUS remains committed to the separation of Argos Retail Group and Experian ``at the right time,'' it said in the statement.

Simon Irwin, an analyst at JPMorgan Chase & Co. in London, expects GUS to wait until May before announcing plans to separate Experian from the rest of the group, he wrote in a note last week.

The breakup of GUS begins next month, when the company distributes its 65 percent stake in luxury-goods maker Burberry Group Plc to existing investors. The split of the businesses will take place on Dec. 13, GUS said today. London-based Burberry said Nov. 15 first-half profit fell 2.7 percent as revenue growth waned and the company paid to start upgrading computer systems.

GUS plans to pay a first-half dividend of 9.6 pence a share. The payment is equivalent to 9 pence a share after adjusting for the demerger of Burberry, the same as last year, the company said.



To contact the reporter on this story:
Paul Jarvis in London at pjarvis@bloomberg.net.
Last Updated: November 17, 2005 02:48 EST
Posted at 12/10/2005 13:40 by waldron
GUS believes slump will last another year

Published: 11:02 Wednesday 12 October 2005
By Douglas Bence, Companies Correspondent

Retail sales are expected to remain depressed for another 12 months, according to GUS, the Argos to Homebase and credit rating group, vindicating Aberdeen fund manager Chou Chong's decision to ditch its shares recently.

'I can't see the non-food, non-clothing market turning round for another year' finance director David Tyler said while commenting on GUS' interim trading statement.

GUS shares were in favour earlier this year as investors switched out of other retailers and speculation grew of a possible break up of the company. However last month's Aberdeen Asset Management's head of pan European equities Chou Chong told Citywire he had sold out his holdings in the company because its valuation had become too stretched.

Although Tyler expects the Argus Retail Group to beat its competitors, trading at both Argus and Homebase was hit in the period to 30 September by what he calls 'the challenging UK retail environment'.

But a grim first half for GUS was rescued by an 'outstanding performance' at its credit agency arm Experian where sales were up 29%, boosted to a record by a 31% rise in the second quarter against 26% in the first. GUS shares added 6.25p to 862.75p in active early trading.

Experian's activities are dominated by the US, 60% of the total, where sales were up 37%. Acquisitions accounted for 19% of growth. But the group is also moving into China and is now working for seven banks in Korea.

Total sales in the first half increased 29% at constant exchange rates. Organic growth was 12% while the balance of 17% came from acquisitions. Tyler said growth will continue, but not at these high rates unless there are further acquisitions.

Homebase was particularly hit by the collapse in the do-it-yourself market with sales 1% lower in the seven months to 30 September with a 4% fall like-for-like. Seven months because Homebase has a February year end to avoid distortions arising from when the busy Easter weekend falls.

Horticulture and kitchens did well in Homebase's 293 stores, but tools, building and seasonal gardening lines were weaker. Gross margins were slightly ahead of last year, but higher costs are impacting operating margins.

Although Tyler wouldn't say how Homebase planned to counter B&Q's initiative on special offers, he did warn that increased promotional activity could hit profits.

The addition of new stores helped turnover rise 4% at Argus' 636 stores in the six months to 30 September, but like-for-like sales were 3% down. Argos opened 44 stores in the half year, including 30 of the 33 acquired Index stores – the other three open at the end of the month. Index is expected to add 2% to Argus sales by the year end.

Sales of MP3 players and LCD televisions boosted consumer electronics sales while white goods, leisure products and toys also did well. Jewellery and homeware sales were difficult.

Tyler said that both Argos and Homebase outperformed their markets and maintained or improved gross margins. Retailers were currently facing higher cost inflation, which is adversely affecting Argos and especially Homebase, given its cost structure.

Internet sales increased 30% and now represent 7% of total revenue making Argos number three in this market behind Amazon and Tesco.

GUS gave no clue as to when it might proceed with its plan to float off Experian, but current market conditions suggest that it is still at least a year away. The sale of the 65% Burberry stake is still set for December.

In spite of collapsing retail markets, Numis analysts Steve Davies and Jose Marco still rate GUS a buy and have a target price for the shares of £10.30. Retail sales were not down by as much as some expected and, although they think the figure might be 'a little optimistic', they are looking for profit before tax for the year of £956.2 million.

Citywire Verdict:

Although GUS shares threatened to break through the £10 barrier at the beginning of the year, they suffered badly in the spring and had a poor September. As a year ago they were 893p, they have seriously underperformed. Analysts are keen to get a timetable for the sale of Experian and it's easy to see why: without it today's trading statement, while not catastrophic, would make a miserable read. The proceeds from the Burberry sale are already reflected in the share price, so stay away.

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