Mixed merchandise retailer increases profits at a larger rate than sales
Impressive sales at Argos Retail Group contributed to an increase in pre-tax profits for parent company GUS in the first half of the year. Pre-tax profits for GUS increased to£323 million in the six months to September 30, from£247 million in the same period last year.
Argos Retail Group, which includes Argos and Homebase, increased sales by 10 per cent. Profit for the group before tax rose 13 per cent, from£153 million to£172.7 million.
GUS chief executive John Peace said: 'In the first half, we delivered doubled-digit sales and profit growth at constant exchange rates in each of our main businesses. While not underestimating the present challenges in some of our markets, we have clear strategies for growth in each of our businesses and are confident of the strength of their competitive positions.'
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