GUS group has reported better-than-expected second half sales.
Shares in GUS, owner of discount retailer Argos and credit check agency Experian, rose 4.4 per cent to 557p early this morning, the second-biggest FTSE 100 gainer, having performed in line with British non-food retailers over the past six months. Argos has 17 branches in the Republic.
Finance director Mr David Tyler told reporters the forecast range for profits for the year to March 31st, 2003, was £620 million to £636 million sterling (€902 million to €925 million) - up from the £552 million profits reported the previous year.
The group's star performer in the second half of the year was Argos, the high street shops where customers browse through catalogues to buy goods stocked in a back room.
Analysts had expected a slowdown in fourth-quarter growth as consumer confidence in Britain wanes, but the chain outperformed rivals to report constant 7 per cent underlying growth through its third and fourth quarters up to March 31st.
Sales of consumer electronics, electricals, mobile phones and textiles were particularly strong, and gross margin was firm.