Against a backdrop of challenging trading conditions and general economic uncertainty, B&M has reported strong, profitable growth in its trading update for the first quarter of its current financial year from March 26 to June 24 2017. This performance was helped by “excellent” sales in seasonal categories, particularly garden and outdoor living.

“This quarter’s like-for like growth represents B&M’s strongest first quarter for three years,” said chief executive Simon Arora. “It’s driven by customers, wherever they live throughout the regions, becoming ever more receptive to the outstanding value delivered by B&M’s business model in relation to the things they buy regularly for their homes and families. In these uncertain times and with inflation returning to the UK market, more and more shoppers are actively seeking out value in our stores and that means our business is strongly positioned to do well and continue its rapid growth.”

Group sales revenue for the quarter increased by 17.2% on a constant currency basis; on an actual currency basis, total sales revenue increased by 18.3% (2016: 21.5%) to £656.3m (2016: £554.8m).

UK sales revenue for the 13-week period increased by 17.8% to £598.4m (2016: £508.1m) with like-for-like sales growth of 7.3% in the quarter although the UK business benefitted from the timing of Easter trading which fell in the quarter this year, and added approximately 1.0% to the headline like-for-like total.

At the end of the quarter the Group’s UK business had 543 stores trading, having opened 6 net new stores over the past 13 weeks in the context of its UK target of at least 950 stores. This financial year the UK business expects to open 40-50, most of them during the second half of the period because of the number of new-builds in the programme this year.

“The quarter had an exceptionally strong start in UK like-for-like sales due to favourable seasonal weather and the timing of Easter compared to last year,” concluded Mr Arora. “Although as expected, growth moderated toward the end of the quarter as the Easter timing effect waned, B&M maintained a trading momentum throughout the period. This performance was helped by excellent sales in seasonal categories, particularly garden and outdoor living, and by strong grocery sales. Although it’s early in the FY18 financial year we are confident of meeting full year market consensus profit expectations.”