Discount retailer Boxer has reported a strong performance for its 2026 financial year, its first full year as a listed entity.
Boxer was spun out from Pick n Pay and separately listed on the JSE in November 2024, though the retail giant retains a 65.59% stake.
On Monday, 11 May, Boxer released its results for the 52 weeks ended 1 March 2026, which revealed a solid performance.
The retailer’s revenue grew by 9.63% to R47.14 billion, while its turnover increased by 9.59% to R46.68 billion.
On a like-for-like basis, the group reported 4.5% growth, with Boxer saying it also saw strong like-for-like volume growth in the context of internal selling price deflation of -1.2%.
The group reported a profit of R1.56 billion for the year, up 12.51% from 2025. It pointed out that its gross profit margin of 21.6% remains well below Boxer’s JSE-listed food retail peers.
However, the group reported a decrease in both earnings per share (EPS) and headline earnings per share (HEPS).
Boxer’s EPS declined by 15.54% to 343.5 cents while its HEPS decreased by 15% to 351.67 cents per share.
Boxer attributed this decline to its IPO structure, which led to a substantial increase in the number of shares in issue in November 2024.
The group also opened many stores over the year, with 52 new stores opened in South Africa, bringing its total footprint in the country to 564.
The new store openings consisted mostly of Liquor stores, at 31, followed by Superstores, at 19. The remaining two were Build stores.
With two more stores also opened in Eswatini over the period, the group’s total store network has now grown to 576.
Notably, the net 51 new stores opened are below Boxer’s target of 60 for the year. However, Boxer CEO Marek Masojada pointed out that the new stores saw turnover grow by 7.8%, which the group considers a more important measure.
“FY26 marked a significant evolution in Boxer’s self-reinforcing discount model with the formal introduction of Innovation as the fifth pillar of the Boxer Virtuous Circle alongside Value, Efficiency, Expansion and Volume – a model that has been central to the group’s long-term growth and success,” Masojada said.
We have always innovated in our business, but this formal addition (added at the end of FY25) reflects the growing role of technology, data and smarter ways of working in strengthening our business.”
Earlier this year, the group launched B-Media, its retail media division that enables targeted product advertising across its various media channels.
“B-Media will enhance our supplier and customer engagement, unlocking a new revenue stream for Boxer,” Masojada said.
On the back of these strong results, Boxer declared a final dividend of 95.37 cents per share, bringing its total dividend for the 2026 financial year to 140.67 cents.
Source: Daily Investor