Boxer CEO Marek Masojada says they opened 51 new stores and created 3 400 jobs in their first full financial year as a JSE-listed company.
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Grocery discount chain Boxer Retail reported a strong performance for its first full financial year as a listed entity, following its IPO in November 2024,
"The Boxer team delivered an exceptional performance, underscoring the resilience and evolution of our discount operating model, which remains committed to delivering value and everyday affordability to the communities we serve,” said Boxer CEO Marek Masojada.
He said a focus on keeping prices low for customers, and a customer-first philosophy translated into strong outcomes for all their stakeholders in the 52 weeks to March 1, 2026.
The company opened 51 new stores, bringing its total stores to 576 stores. The company also created 3,400 jobs, taking total employment to 35,314 employees.
Turnover increased by 12,3%, indicating market share gains, Like-for-like sales growth was 4.5%, with strong like-for-like volume growth in the context of internal selling price deflation of -1.2%.
Boxer’s price investment to deliver value to customers was indicated by internal selling price inflation, measured on a volume-held-constant basis, reported at -1.2%, with deflation deepening from -0.7% in the first half to -1.6% in the second half.
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%, said Marek.
Trading profit growth came to 17.3%, with the trading margin expanding to 5.7%. Net cash of R709 million, compared to net debt of R180m at March 2025.
A final dividend of 95,37 cents per share brought the total 2026 dividend to 140,67 cents.
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 year, said Marek.
The gross profit margin expanded by 0.3% to 21.6% from a restated 21.3%. This expansion was driven by better margin mix management and economies of scale, which offset the investment in lower prices for customers.
Masojada said Boxer’s gross margin remains below that of listed food retail peers, further testament to the value Boxer delivered to its customers.
Trading expenses increased by 10.9%, primarily driven by Boxer’s accelerated new store rollout, with trading space increasing by 6.9% during the year.
Trading expenses growth reflected incremental costs associated with operating as a listed entity. As Boxer enters 2027, these IPO-related expenses were now fully absorbed into the base.
Masojada said 2026 marked a significant evolution in Boxer’s discount model with the introduction of Innovation as a fifth pillar of the "Boxer Virtuous Circle" strategy, alongside Value, Efficiency, Expansion and Volume.
“We have always innovated, but this formal addition reflects the growing role of technology, data and smarter ways of working in strengthening our business,” he said.
A notable contribution from this initiative was the rollout of the “B-Inside” supplier portal, providing suppliers with insights into customer behaviour and category and product performance.
The company also recently launched a retail media division “B-Media”, which enables targeted product advertising across Boxer’s media channels. B-Media would enhance supplier and customer engagement,and unlock a new revenue stream, said Masojada.
He said elevated oil and diesel prices were creating uncertainty around the trading environment, particularly in relation to food inflation, logistics costs and consumer spending,
“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,” he said.
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