First Quarter Trading Update

GUS PLC
23 July 2003


23 July 2003

                                    GUS plc
                          First 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:

'In a strong start to the year, our three main businesses have each achieved
excellent sales growth. We believe that GUS is in good shape to continue to
deliver growth going forward, although perhaps not at the rate of the first
quarter.'


Argos Retail Group

% change in sales year on year

Three months to 30 June 2003                            
Argos  *     - total                                        14                           
             - like-for-like                                 8

Four months to 30 June 2003
Homebase     - total                                         5
             - like-for-like                                 3

*    Excludes Argos Additions

Argos
Against a background of weaker comparative sales growth in the same period last
year, Argos increased sales by 14% in total in the first quarter, with new
stores contributing 6% of this growth. Like-for-like sales increased by 8%.
Consumer electronics, mobile phones and toys performed particularly strongly.
Argos Direct, the delivery to home operation, grew sales by over 30% compared to
the first quarter last year and accounted for 23% of sales (up from 20% in the
comparative period). Gross margins at Argos were firm.

The Autumn/Winter 2003 catalogue will be launched on 26 July and will offer
12,700 lines - an increase of 1,300, or 12%, on the same catalogue last year.
The trial of the Argos Extra catalogue, which will have over 17,000 lines, will
be extended into a total of 10 large stores and 15 smaller neighbouring stores.

Homebase
Sales at Homebase in the four months to 30 June 2003, its key trading period,
grew by 5% in total, or 3% like-for-like, aided by strong performances from
garden, kitchens and bathrooms. Gross margins were marginally down year on year.
As part of Homebase's strategy to increase home furnishings sales, a range of
new furniture and homewares lines and merchandising initiatives will be trialled
in ten stores from September.


Experian

% change in sales year on year for the three months to 30 June 2003
                                Total                        Total at constant 
                                                              exchange rates
Experian North America            4                                  14
Experian International *         22                                  18
Global Experian                  11                                  16

*   As previously announced, it is no longer appropriate to report sales
    separately for UK and Rest of World as Experian International serves more
    clients on a pan-European basis

Experian's worldwide sales increased by 16% at constant exchange rates, again
showing double-digit growth in both North America and International. It
continued to win new contracts in all major business areas.


Experian North America
In dollars, Experian North America grew sales by 14% in the first quarter.

Credit Information and Credit Solutions sales together increased very strongly.
This was led by continuing high demand for credit profiles from the mortgage
sector in a quarter where mortgage originations were exceptionally high. In the
first quarter, Experian's direct-to-consumer business grew by 78% year on year,
with the number of paid members reaching 1.6m, up from 0.9m a year ago. An
additional three affiliate bureaux were purchased in the first quarter, bringing
the total to 14.

Marketing Information and Marketing Solutions sales together were also ahead of
the same period last year, against a background of continuing subdued demand in
the direct marketing industry.

FARES, the real estate information joint venture, had another exceptionally good
quarter, again driven by strong mortgage refinancing activity.

Experian International
Experian International, which accounts for approximately 40% of worldwide
revenue, grew sales by 18% in the first quarter at constant exchange rates. The
acquisitions of Nordic Info Group and of the outstanding interests in Scorex
contributed 11% of this growth. Sales growth in the UK was particularly high in
the quarter.

Excluding acquisitions, Credit Information and Credit Solutions sales together
grew at double-digit rates (with strong performances in business information,
account processing and decision solutions, including the new Experian-Scorex
business). There was also double-digit sales growth in Marketing Information and
Marketing Solutions. Outsourcing sales were below those of last year, affected
by weakness in the French processing activities, which was partly caused by the
anticipated end of a three-year contract with one client.

Experian International has recently acquired Yell Data, which provides access to
more than 1.6m UK business records for targeted direct mailing and telemarketing
campaigns. This small strategic acquisition will provide unique access to the
most comprehensive business-to-business marketing information available in the
UK and further strengthens Experian's existing business.


Burberry

Following the partial IPO of Burberry Group plc, GUS retains a 77% stake in
Burberry. The following is an abridged version of Burberry's Trading Update
released on 14 July 2003.


% change in sales year on year for the three months to 30 June 2003
Total                                                      18
Total at constant exchange rates                           22

Total sales in the first quarter increased by 18%, or by 17% on an underlying
basis (i.e. at constant exchange rates and excluding the impact of the Korea
acquisition in July 2002).

Total Retail sales increased by 33%, or by 21% on an underlying basis, driven
primarily by contributions from stores opened in the last 12 months. Comparable
store sales, which declined modestly over the first seven weeks of the period,
recorded a marginal gain for the quarter as a whole.

As previously announced, Burberry anticipates high single digit wholesale sales
growth for the Autumn/Winter 2003 season. In the first quarter, total Wholesale
sales increased by 5%, or by 14% on an underlying basis.

Total Licensing revenue in the first quarter increased by 4%, or by 7% on an
underlying basis. Royalties from the Japanese market reflected increases in
certain royalty rates and single digit volume gains.


Future announcements

The First Half Trading Update will be on 15 October 2003. GUS will announce its
interim results for the six months to 30 September 2003 on 20 November 2003.


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 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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