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While shoppers showed no appetite for DIY and decorating, GUS said Homebase still experienced strong demand for kitchens and furniture.
He said the plans were "much as expected", other than the debt of GUS being placed in Experian and the offer of new shares to raise additional funds.
GUS said it planned for Experian to issue 10-15 per cent of its share capital as new shares on the London Stock Exchange to a combination of existing GUS shareholders and new investors.
Homebase, which GUS acquired in a pounds 900m deal last year, grew sales by 4pc in a seven month period to September 30, with the figure up 2pc on a same-store basis.
GUS is buying the Homebase chain from private equity group Permira, which owned a majority stake in the business, and supermarket chain Sainsbury's.
GUS recently rejected a bid for Experian from two US private equity firms.
Assurances were also given that GUS remained committed to separating its retail businesses from Experian "at the right time".
Benefits had been limited since it was harnessed to the GUS empire following the takeover of Metromail in 1998,it added.
GUS said record profits at its Argos retail chain, Experian credit checking business and luxury fashion brand Burberry had driven growth in the year to March 31.
GUS owns Argos and Homebase, as well as credit checking business Experian, and it's this diversity that protects the group from weak consumer spending.
GUS also warned that cost increases faced by the retail sector as a whole were affecting Argos and, in particular, Homebase.
GUS unveiled annual pretax profits ahead of expectations at pounds 642mand announced a partial flotation of its South African retailing business.