GUS plc
GUS: Q1 trading statement
The new from the retail business is much better than last year with Argos (38% of operating profit) returning to good like-for-like growth of 7%, although the smaller Homebase (7% of operating profit) continued its decline with like-for-like sales down 5%.
Experian (54% of operating profit) managed slightly lower organic growth (8%) than last year, but, […]
GUS: 2005/6 results
It was a difficult year for Argos Retail Group (Argos and Homebase) with like-for-like sales and margins lower but Experian continued its strong organic growth (10%) and strengthened its margins. The separation of the two businesses is now expected in October.
Cost increases have affected other retailers but we have seen few as badly hit. With […]
GUS: H2 trading statement
Argos continues to growth through expansion with total sales up 9% despite flat like-for-like sales. It is a little disappointing that the continued roll-out of the much wider Argos Extra product range has done no more than maintain flat like-for-like sales.
Homebase did even worse with with like-for-like sales down 5% and total sales down 1%.
At […]
GUS: demerger
GUS has confirmed that it plans a demerger, splitting Argos Retail Group (Argos and Homebase) from Experian (the credit rating and information business).
The demerged Experian business will issue new shares (equal to 10%-15% of the number of existing shares). This is not unreasonable as it will carry a significant part of GUS’s debt: Experian is […]
GUS: Q3 trading update
Argos did better than in the first half with like-for-like sales stable year on year. Given that Christmas does not appear to have been as bad for retailers as many feared, it is disappointing that the continued roll-out of the expanded (”Argos Extra”) product range is only adding enough to halt the decline rather than […]
GUS H1/Burberry demerger
GUS has confirmed that it plans to demerge its 66% stake in Burberry through a distribution of Burberry shares to GUS shareholders, at the same time GUS shares will be consolidated. GUS shareholders will receive approximately 3 Burberry shares and 8.6 new GUS shares for every 10 GUS shares.
We have already covered Burberry’s H1 results, […]
GUS H1 trading statement
GUS’s retail businesses (Argos and Homebase) continue their like-for-like declines (of 3% and 4% respectively). This was offset by expansion which added 7% to Argos sales and 3% to Homebase.
Experian did much better with sales up 29%. As Experian generates a third of GUS’s profits its growth should add significantly to group profits.
The acquisition of […]
GUS Q1 trading update
Argos and Homebase’s like-for-like performance deteriorated further so far this year (first quarter for Argos, first four months for Homebase) with Argos down 4% and Homebase down 2%. Although the consumer spending has been weak over this period and many retailers have seen weak like-for-like sales Argos is doing worse than most, which is particularly […]
GUS full year results
It is very encouraging that GUS has recognised that its three businesses (Argos, Experian and Burberry) have little in common and should be separated. GUS has not committed itself to a definite date for the separation of Argos and Experian but its plans to demerge its remaining 66% stake in Burberry later this year. GUS […]
GUS H2 trading statement
GUS’s retail businesses performed adequately rather than spectacularly. Like-for-like (LFL) sales were flat at Argos and little better at Homebase so retail sales growth was largely driven by expansion. More encouragingly gross margins have been increased despite price reductions, but this is a slight improvement and the continuing price cuts underline how competitive the retail […]
GUS
GUS had a mixed Christmas with LFL sales growth weak at Argos (+1%), reasonable at Homebase (+4%) and remaining strong at Experian (+19%). The weak performance at Argos was a little disappointing but given that the sector as a whole did badly we would not yet give up hope that Argos can return to the […]
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