With plans to open another 60 UK stores over the next year, B&M Retail has reportedly taken up most of the sites so far let go by B&Q as it looks to shrink its estate by the same number.
The new stores will build on the 52 opened by B&M in the year to March 28, 2015, which also saw the discount variety retailer grow group revenues by 29.5% to £1,646.8m and UK revenues by 20.0% - up 4.4% on a like-for-like basis.

Group adjusted pre-tax soared by 55.7% to £135.0m, and group adjusted EBITDA increased by 33.6% to £174.2m.

B&M says it has an "ongoing obsession" with direct sourcing: the direct import mix increased to 29% from 27% in 2014. The company is also expanding its own-label programme, with 132 registered brands compared to 96 the year before.

The Independent believes that B&Q's retreat is proving to benefit chiefly B&M, saying it understands that the retailer has bagged 12 of the 14 sites being vacated by B&Q.

It also quotes Tony Shiret, a retail analyst at investment bank BESI, as saying that B&Q parent Kingfisher does not see B&M as a real threat to B&Q, having a limited overlapping range.

However, he adds: "While true of the current majority of B&M stores, the largest ones carry, in our view, a very credible range of DIY low-end furniture and to a lesser extent garden products."

B&M said it was well placed for continued strong profit growth in its new financial year, and that its target of a further 60 outlets had been revised upwards from 40. However, it said market conditions were competitive and that there had been a slow start to outdoor product.