Chairman's AGM Statement

GREAT UNIVERSAL STORES PLC
29 July 1999

                       CHAIRMAN'S AGM STATEMENT

At today's Annual General Meeting, Lord Wolfson of Sunningdale will
make the following comments on current trading:

It is only six weeks since we made our preliminary announcement about
our results for the year to 31 March 1999.  In that announcement, we
made the following comments about current trading:

'The UK retail market has been weaker in April and May 1999 than in
the comparable period a year ago, and sales of our UK Home Shopping
and Argos businesses showed a like for like decline of 4%.  However,
margins at Argos are firm.  Other divisions achieved results broadly
in line with plan in this two month period.'

Since the end of May, the like for like decline in sales has changed
marginally.  In the financial year to date, UK Home Shopping sales are
now 5% below those in the comparable period last year, while sales at
Argos show a like for like decline of only 3%.  Margins in Argos
remain firm.  Other businesses have continued to achieve results
broadly in line with plan for the year to date.

Enquiries:

The Great Universal Stores P.L.C.                             0171 495 0070
Lord Wolfson of Sunningdale, Chairman
David Tyler, Finance Director

Finsbury                                                      0171 251 3801
Rupert Younger
Tim Grey