For the 26 weeks ended 30 August 2026, the grocery discounter reported an 8.1% increase in trading profit to R1bn, while profit before tax and capital items rose 10.6% to R774m. Headline earnings increased 9.1% to R565m.
The results came as Boxer reached its 600-store milestone, reinforcing its expansion strategy as consumers seek value amid higher living and transport costs.
Like-for-like sales grew 1.4%, with implied like-for-like volume growth of 3.8%, indicating that customers continued to buy more despite pressure on spending power.
Boxer’s internal selling-price deflation reached 2.4%, compared with 0.7% in the prior-year period and 1.6% in the second half of FY26. This remained below Statistics South Africa’s reported 2% food and non-alcoholic beverage inflation for the period.
The retailer attributed its performance to continued investment in affordability and demand for its value proposition, although turnover growth moderated from 10.9% in the second half of FY26.
Chief executive Marek Masojada said the business would continue investing in price, expanding into underserved communities and managing costs as consumers face ongoing financial pressure.
The group reported some improvement in trading momentum during the four weeks following the reporting period, while noting continued uncertainty around fuel costs and food inflation.
Boxer opened 24 stores during the half-year, comprising nine Boxer Superstores and 15 Boxer Liquor outlets. It had opened 32 stores year to date by 30 September, keeping it on track for its target of 60 new stores in FY27.
Other income increased 34.7% to R260m, supported by growth in value-added services, its B-Inside supplier portal and the initial contribution from B-Media, its retail media offering launched earlier in the financial year.
The growth points to additional income opportunities beyond traditional grocery sales as Boxer develops its supplier data and advertising capabilities.
Trading expenses rose 10.2% to R4.2bn, reflecting the store rollout and higher energy and advertising costs. However, a 0.5 percentage-point improvement in gross profit margin helped lift the trading profit margin by 0.1 percentage points to 4.2%, supported by margin management and economies of scale.
Boxer’s net cash position, excluding lease liabilities, increased to R2.3bn from R700m at 1 March 2026. Headline earnings per share rose 9.2%, and the retailer declared an interim dividend of 49.93 cents per share, representing a payout ratio of 40% of headline earnings per share.
For the second half, the group plans to maintain its focus on affordability, store expansion and cost discipline.
With 600 stores now operating and further expansion planned, Boxer’s challenge will be to sustain volume growth and protect margins while continuing to invest in low prices in a constrained consumer environment.
