GUS overhauls Homebase concessions

GUS is reviewing concession partnerships at its Homebase DIY business, acquired last November.

Retailers including Laura Ashley, PowerHouse and The Pier have concessions in Homebase stores at present.

GUS's Argos Retail Group chief executive Terry Duddy said the assessment, which will cover other aspects of Homebase, will take approximately 12 months.

Meanwhile, GUS sold its home shopping business to Littlewoods on Tuesday for£590 million. Littlewoods chairman David Simons said there would be significant changes, including the launch of niche catalogues and development of online business.

He said it was unlikely that the all-encompassing catalogues distributed by GUS's home shopping business and Littlewoods would still exist in five years' time.

On Wednesday, GUS reported that sales at its retail businesses were up by 11 per cent to£5.2 billion in the year to March 31 and operating profits rose 12 per cent to£285.1 million.