Discount retailer Boxer has kicked off its 2026 financial year with impressive growth, continuing to outshine its former parent company, Pick n Pay, on the Johannesburg Stock Exchange (JSE).

Although Pick n Pay still holds a majority stake—retaining over 60% ownership even after Boxer was spun off and listed independently in 2024—Boxer is now the more valuable of the two entities. Boxer currently boasts a market valuation of approximately R30.56 billion, compared to Pick n Pay’s R19.89 billion.

On Tuesday, 29 July 2025, Boxer issued a trading update covering the 17 weeks ended 29 June 2025. The report revealed a strong start to the financial year, with total turnover rising 12.1%, and like-for-like sales increasing by 3.9%.

The company attributed its performance to ongoing market share gains, noting that recent sales trends have been encouraging, especially as the comparative figures from early FY25—bolstered by a high base—begin to stabilize.

Interestingly, the retailer also reported a slight decline in internal food prices, recording food inflation of -0.6% on a volume-adjusted basis. This marks a decrease even from the already low 0.3% inflation seen in FY25. Boxer highlighted that this outcome was achieved despite prevailing economic headwinds and a mildly deflationary environment.

“Based on current momentum and the pace of new store openings, Boxer remains confident it will meet its full-year turnover growth guidance, which targets low double-digit gains,” the company said in the update.

So far in FY26, Boxer has launched seven new superstores along with ten liquor outlets. While acknowledging that store opening timelines are subject to change, the retailer indicated that it expects to hit its rollout targets for the year.

Boxer also expressed optimism about its profit margins, stating: “Despite the inherent challenges of maintaining margins in a low-inflation climate, we remain positive about our FY26 gross margin outlook.”

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