Boxer Retail Limited, a South African grocery discounter, has announced robust interim results for the 26 weeks ended 31 August 2025 (H1 FY26), demonstrating strong volume growth, operational efficiency, and disciplined reinvestment into customer value. The results also mark a milestone with the declaration of Boxer’s first post-IPO dividend.
Key financial highlights
- Turnover: Up 13.9% to R22.5bn
- Like-for-like sales growth: 5.3%, exceeding internal inflation of -0.7%
- Trading profit: Up 15.1% to R931m
- Headline earnings: Increased 5.3% to R518m
- Net cash position: R1.1bn, from a net debt position of R180m at FY25 year-end
- Dividend: Interim dividend of 45.30 cents per share, a 40% payout ratio
- Store growth: 25 new stores added, bringing the total to 547 across South Africa and Eswatini
- Job creation: Over 2,100 new jobs
Boxer’s performance was driven by strong customer traction and sustained execution of its value-led strategy.
The retailer’s turnover grew 13.9%, supported by a mix of new store openings and healthy same-store growth, while maintaining a trading margin of 4.1% despite additional JSE listing costs.
The company also expanded its supply chain capacity with the launch of its 7th distribution centre in Tongaat, KwaZulu-Natal, enhancing efficiency and enabling greater reinvestment into customer pricing and value.
Driving growth through efficiency and innovation
Boxer continues to execute its “virtuous circle” model — using operational efficiency to unlock savings that are reinvested into value for consumers. The company’s Boxer Rewards Club loyalty programme reached 2.3 million members, driving larger basket sizes and higher repeat visits.
Other trading income rose 18.4% to R193 million, supported by early monetisation of customer data and new alternative income streams.
CEO Marek Masojada commented, “These results reflect Boxer’s continued growth and resilience. We’ve delivered strong financial and operational progress while keeping our focus on what matters most — providing good quality and exceptional value for South African consumers.”
Outlook
Boxer remains on track to meet its FY26 goals, with plans to open 35 more stores in the second half of the year, expand its loyalty programme, and enhance operational efficiencies. The retailer anticipates slight margin pressure versus FY25’s 5.4% margin but remains confident in its long-term trajectory.
“Trading momentum remains encouraging,” said Masojada. “Our commitment to fighting for low prices every day continues to resonate with customers — and that remains at the heart of our success.”
