Argos parent GUS profits rise by 44%

GUS, the owner of the Argos retail chain that has 18 stores in Ireland and over 500 in Britain, beat market expectations with a 44% rise in profits for the first half of the year.

The group, which also owns luxury goods retailer Burberry, announced profits of stg£354 million (505 million) before goodwill amortisation and exceptional items.

Taking these into account, profits fell 25% to stg£247 million (353 million) thanks to a goodwill charge of stg£91.4 million and a stg£15 million loss on the sale of its home shopping business in the UK and Ireland.