Boxer Retail Limited, South Africa's leading grocery discounter, today announced its financial results for the 52 weeks ended 1 March 2026 (FY26), reporting strong year-on-year performance for its first full financial year as a listed entity following its IPO in November 2024.

As the People’s Champion, Boxer has relentlessly focused on keeping prices low for customers, and this unwavering customer-first philosophy once again translated into strong outcomes for all stakeholders in FY26.

Highlights include:

• Turnover growth of 12.3% on a 52/52w basis, showing continued market share gains
• 5% like-for-like sales growth, with strong like-for-like volume growth in the context of internal selling price deflation of -1.2%
• 51 net new stores opened to take the Boxer retail estate to 576 stores
• Trading profit growth of 17.3% on a 52/52w basis, with the trading margin expanding to 5.7%
• 3 400 jobs created, to take total employment to 35 314 employees
• Net cash (excluding lease liabilities) of R709 million, compared to net debt of R180 million at March FY25
• Return on Invested Capital (ROIC) a sector-leading 26.0% (66.7% excluding IFRS 16)
• Final dividend declared of 95.37 cents per share, bringing the total FY26 dividend to 140.67 cents per share, with a payout ratio of 40% headline earnings per share

Boxer continues to gain market share despite a challenging macroeconomic environment. For the 52 weeks ended 1 March 2026, Boxer increased turnover by 12.3% on a comparable 52-week basis to R46.7 billion.

Boxer continues its expansion strategy, adding 51 net new stores in FY26 (FY25: 48), bringing the total estate to 576 stores. New stores contributed 7.8% to total turnover growth (excluding like-for-like sales), demonstrating the strong performance and quality of recently opened locations over the past 12  months.

Boxer maintained ongoing price investment to deliver value to customers, with internal selling price inflation, measured on a volume-held-constant basis, reported at -1.2% for FY26, with deflation deepening in the second half of this year from -0.7% in H1 to -1.6% in H2. Boxer’s internal selling price deflation compares very favourably with Statistics SA food and non-alcoholic beverages inflation for the 12-month period of +4.4%.

The gross profit margin for the period expanded by 0.3% to 21.6% from a restated 21.3% in FY25. This margin expansion was driven by exceptional margin mix management and economies of scale, which more than offset the continued investment in lower prices for customers throughout the period. Despite the improvement, Boxer’s gross margin remains below that of listed food retail peers, which is testament to the great value Boxer delivers to its customers every day.

Trading expenses increased by 10.9% (including the additional week in the prior-year base), primarily driven by Boxer’s accelerated new store rollout, with trading space increasing by 6.9% during the year. Trading expenses as a percentage of turnover increased to 16.8% from 16.6% in FY25, reflecting incremental costs associated with operating as a listed entity following the IPO. As Boxer enters FY27, these IPO-related expenses are now fully absorbed into the base.

Trading profit grew by 17.3% to R2.6 billion, with the trading profit margin expanding to 5.7% from 5.4% in FY25 (52/52w basis).

Marek Masojada, Boxer CEO, says:

The Boxer team has delivered an exceptional FY26 performance, underscoring the strength, resilience and continued evolution of our discount operating model, which remains firmly committed to delivering unmatched value and everyday affordability to the communities we serve.

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.

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. The Innovation pillar has already made a notable contribution to the FY26 results through the rollout of our “B-Inside” supplier portal, providing suppliers with valuable insights into customer behaviour and category and product performance.

We recently launched our retail media division “B-Media” which enables targeted product advertising across Boxer’s various media channels. B-Media will enhance our supplier and customer engagement, unlocking a new revenue stream for Boxer.

We will continue to execute a range of Innovation initiatives focused on improving efficiency, deepening supplier collaboration, and enhancing customer convenience. This will further strengthen our ability to adapt to changing customer needs, scale efficiently and reinforce our long-term competitive advantage, while remaining firmly focused on delivering low prices.

While elevated oil and diesel prices are creating uncertainty around the FY27 trading environment, particularly in relation to food inflation, logistics costs and consumer spending, Boxer remains confident in the proven resilience of its discount model and long-term growth strategy. The Group has a strong track record of navigating challenging trading conditions and will remain focused on disciplined execution, affordability and expanding access to value for customers.

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