Trading Statement

GUS PLC
15 April 2004


15 April 2004

                                    GUS plc
                           Second Half 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 finished the year strongly, having traded well in all our businesses.
This will be the third consecutive year in which GUS has delivered significant
profit growth, illustrating the continuing momentum throughout the Group.'

Argos Retail Group (ARG)

% change in sales year-on-year

Six months to 31 March 2004                                     %
                                                           
Argos     - total                                              11
          - like-for-like                                       4

Five months to 28 February 2004(1)

Homebase  - total                                               6
          - like-for-like                                       5


(1) As is its established practice, Homebase's year-end is the end of February.
    This avoids distortions relating to the timing of Easter and its associated
    promotions and trading patterns. Sales growth at Homebase for the four 
    months to 30 June 2004 will be reported in GUS' First Quarter Trading 
    Update.

Argos
In the twelve months to 31 March 2004, Argos grew sales by 12% (5% on a
like-for-like basis). It again clearly outperformed its market and made strong
share gains in many major product categories, by offering consumers improved
choice, value and convenience.

In the second half, sales increased by 11%, of which 7% came from new stores.
Like-for-like sales growth in the period was 4%, with an acceleration in the
final quarter driven by the launch of the Spring/ Summer catalogue. Sales were
particularly strong in consumer electronics, photography, furniture and
homewares. Gross margin was slightly up compared to last year, with supply chain
gains also enabling Argos to reduce prices further.

Argos Direct, the delivery to home operation, grew sales by 21% and accounted
for 19% of Argos' sales compared to 17% in the second half last year. At
31 March 2004, Argos had 556 stores, after opening a net 33 in the last twelve
months.

Homebase
Sales in the five months to 28 February 2004 grew by 6% in total and 5%
like-for-like. There were increases in all major product areas, particularly
kitchens and bathrooms. Gross margin was in line with last year. At 31 March
2004, Homebase operated 278 stores, of which 67 had mezzanine floors.

Good progress continues to be made in implementing Homebase's key strategic
initiatives of improving retail disciplines, enhancing the home furnishings
offer and leveraging the scale of ARG.

Experian

% change in sales year-on-year for the six months to 31 March 2004

                         Total %            Total at constant exchange rates %

Experian North America        (7)                                            5
Experian International        20                                            18
Global Experian                4                                            10

Experian does not report sales from its FARES 20%-owned real estate information
joint venture in the US

Experian performed strongly again in the second half, with total worldwide sales
up by 10% at constant exchange rates. This is the fourth consecutive six-month
period of double-digit growth.

Experian North America
In dollars, Experian North America grew sales by 5% in the second half.
Excluding the lettershop operations which were sold in December 2003, sales
growth was 9%. During the second half, Experian North America acquired
CheetahMail (e-mail delivery), Marketswitch (decision solutions) and MetaReward
(Internet loyalty marketing to complement Consumer Direct), for a net purchase
price which totalled $70m. Together, these acquisitions contributed 3% to sales
growth in the second half.

Excluding these acquisitions, Credit Information and Credit Solutions showed mid
single-digit growth in the second half. The anticipated slowdown in the mortgage
refinancing market which peaked in the quarter from April to June 2003 reduced
total Experian North America sales growth by 2% in the second half. There were
strong performances in Credit from Consumer Direct, fraud solutions and business
information. Marketing sales grew in the second half, led again by database
management, automotive and contract wins in a number of vertical markets.

At FARES, Experian's real estate information joint venture, good progress in the
integration of the Transamerica tax and flood services businesses helped to
mitigate the impact on profits of the slowing mortgage refinancing market.

Experian International
Experian International, which accounted for approximately 45% of Experian's
worldwide revenue in the full year, grew sales by 18% in the second half at
constant exchange rates. Excluding disposals in Outsourcing, sales increased by
20%, of which 13% was from acquisitions.

Excluding acquisitions, Credit and Marketing both showed good growth in the
second half. In Credit, there were particularly strong performances in
value-added products in the UK and in the Spanish credit bureau.
Experian-Scorex, the global decision solutions business, delivered double-digit
sales growth in its first year of full ownership. UK business-to-business
marketing was also particularly strong. Outsourcing sales were slightly up
year-on-year, excluding acquisitions and disposals.

Burberry
GUS has a 66% stake in Burberry. The following is an abridged version of
Burberry's Trading Update released on 14 April 2004.

% change in sales year-on-year for the six months to 31 March 2004

                                                       %
Total                                                 13                                                      
Total at constant exchange rates                      15

Burberry grew sales in the second half by 15% at constant exchange rates.

Retail sales increased by 12% at constant exchange rates driven primarily by
contributions from newly opened stores, with modest gains at existing stores.

Wholesale revenue increased by 16% at constant exchange rates, led by strong
sales growth for the Spring/Summer 2004 season. Orders received to date indicate
a high single-digit percentage increase in sales for the Autumn/Winter 2004
season.

Licensing revenue increased by 21% at constant exchange rates. This largely
reflected increases in certain royalty rates in Japan and outstanding sales
gains at global product licensees.

South African Retailing
Merchandise sales in South Africa grew by 27% in rand in the second half, led by
continued strong performances in furniture and electrical goods. Lifestyle
Living, a small furniture retailer focused on higher income market segments, was
acquired during the second half. This business is trading well and contributed
5% of the 27% sales growth in the period.

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

Pensions
As previously disclosed, GUS' two UK Defined Benefit pension schemes had modest
deficits at 31 March 2003. To improve the funding of these schemes, the Group
made voluntary special contributions totalling £100m in March 2004. The
contributions were made from existing financial resources and will marginally
increase earnings in the new financial year and beyond.

FRS 5
GUS will adopt FRS 5 Application Note G (Revenue Recognition) for the first time
in its preliminary results for the year to 31 March 2004. Sales will be restated
for the year to 31 March 2003. The adoption of FRS 5 is not expected to have a
material impact on sales or on the rate of sales growth. The adoption of FRS 5
has no impact on profit.

Future announcements
GUS will announce its preliminary results for the year to 31 March 2004 on 25
May 2004. Its AGM and First Quarter Trading Update will be on 21 July 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. 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 results to differ materially
from any expected future results in forward-looking statements.





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