Trading Statement

GUS PLC
15 January 2004

15 January 2004

                                    GUS plc
                          Third Quarter Trading Update

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

John Peace, Group Chief Executive of GUS, said:

'GUS has completed another successful quarter in all its businesses with Argos,
Experian and Burberry all again achieving double-digit sales growth. We remain
confident about the outlook for the full year and beyond.'

Argos Retail Group

% change in sales year-on-year for the 14 weeks to 3 January 2004
                                                                             %
Argos    - total                                                            10
         - like-for-like                                                     3

Homebase - total                                                             7
         - like-for-like                                                     6

Argos
In the third quarter, Argos again outperformed its market, offering consumers
improved choice, value and convenience. It has delivered 10% sales growth, while
at the same time further improving its gross margin.

Of the 10% sales growth in the third quarter, 7% came from new stores, which
continue to perform well, and 3% from like-for-like growth. This follows good
Christmas trading last year. Sales growth was particularly strong in consumer
electronics, photography, gifts and mobile phones. Gross margin was slightly up
compared to last year. Gains from the supply chain programme enabled Argos to
invest in reducing prices (by 4% on average on re-included lines) and offset an
adverse product mix.

Argos Direct, the delivery to home operation, grew by 19% and now accounts for
17% of sales compared to 15% in the same period last year. Orders via the
Internet increased by nearly 50%, contributing 4% of sales.

The new Spring/Summer catalogue, which will be launched on 17 January, continues
to offer customers better value and increased range with 13,000 lines, 12% more
than a year ago. The new Argos Extra catalogue will have 17,000 lines and be
available in 73 of the 553 Argos stores from launch.

Homebase
Sales at Homebase increased by 7% in total. Like-for-like sales growth was 6%,
against a 4% decline in the same period last year. Kitchens, bathrooms and
furniture performed strongly, as did the new seasonal Christmas ranges. Gross
margin was slightly below last year, reflecting higher sales of lower margin,
big ticket items. Good progress is being made in many areas in strengthening the
Homebase offer ahead of the Easter peak trading period.

Experian

% change in sales year-on-year for the three months to 31 December 2003

                             Total %                        Total at constant 
                                                            exchange rates %
Experian North America        (5)                                    5
Experian International        26                                    22
Global Experian                8                                    12

The US print and mail operations were sold in December 2003. If these sales were
excluded from the third quarter, growth would have been 1% higher for both
Experian North America and Global Experian. Experian does not report any sales
from its FARES 20%-owned real estate information joint venture in the US.
For the sixth consecutive quarter, Experian's total worldwide sales at constant
exchange rates increased at a double-digit rate.

Experian North America
In dollars, sales in Experian North America grew by 5% in the third quarter, a
similar rate of growth to the previous quarter. As anticipated, the mortgage
refinancing market slowed further and this reduced Experian's sales by about 2%
year-on-year.

Credit Information and Credit Solutions showed low single-digit growth, with the
slowdown in the mortgage sector more than compensated for by strength in
Consumer Direct, fraud solutions and business information. An additional two
affiliate bureaux were purchased during the quarter, bringing the total to 20.
The rate of growth in sales in Marketing Information and Marketing Solutions
improved in the quarter, led again by database management, automotive and
business information.

The integration of Transamerica's tax and flood service businesses with FARES is
on plan. Its acquisition is helping to underpin the profits of FARES. In
November 2003, Experian North America acquired MetaReward, an Internet loyalty
marketing company, to complement its Consumer Direct activities.

Experian International
Experian International, which accounts for over 40% of total Experian revenue,
grew sales in the third quarter by 22% at constant exchange rates. Acquisitions,
mainly Nordic Info Group, the outstanding interests in Scorex and DMS (document
management and cheque processing in France), contributed 15% of this growth.
Underlying sales in the UK continued to increase at double-digit rates.

Excluding acquisitions, Credit Information and Credit Solutions saw further
double-digit growth, with strong performances in consumer credit information,
especially in Spain, business information in France and decision solutions in
the UK. Sales in Marketing Information and Marketing Solutions were ahead of
last year, while those in Outsourcing were unchanged.

Burberry

GUS has a 66% stake in Burberry. The following is an abridged version of
Burberry's Trading Update released on 13 January 2004.

% change in sales year-on-year for the three months to 31 December 2003
                                                                            %
Total                                                                       12
Total at constant exchange rates                                            15

Burberry's total sales in the period increased by 15% at constant exchange
rates.

In the context of an exceptionally strong prior year performance, total Retail
sales increased by 11% at constant exchange rates, with a marginal contribution
to growth from existing stores. Burberry opened four stores in the period and
remains on schedule to expand selling space by approximately 12% by the end of
the current financial year.

Total Wholesale sales increased by 23%, reflecting earlier deliveries of Spring/
Summer product. On the basis of orders received to date, Burberry now
anticipates high single-digit wholesale sales growth for the Spring/Summer 2004
season.

Total Licensing revenue in the quarter increased by 18% at constant exchange
rates, reflecting increases in certain royalty rates in Japan and strong sales
gains by global product licensees, particularly fragrances.

South African Retailing

Merchandise sales in South Africa grew by 23% in rand in the third quarter,
driven by a strong performance in both furniture and electrical goods. In
December, the business acquired Lifestyle Living, a furniture retailer with 19
stores in the Cape area, focused on higher income market segments.

The partial IPO for the South African Retailing business on the JSE Securities
Exchange remains on track for 2004, subject to market conditions.

Future announcements

GUS' Second Half Trading Update will be on 15 April 2004. The preliminary
results for the year to 31 March 2004 will be announced on 25 May 2004.

Enquiries

GUS
David Tyler       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 2pm 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 results to differ materially
from any expected future results in forward-looking statements.




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